Page 30 - Bullion World Issue 9 January 2022
P. 30
Bullion World | Issue 09 | January 2022
INDIA news
As mandatory
hallmarking draws
near, the number of
registered jewellers
surges
Following the government's decision to make
hallmarking mandatory for gold jewellery from
middle of June this year, the number of jewellers
registered with the Bureau of Indian Standards
(BIS) has nearly tripled from 43,153 in June 2021
to 1,24,034 as of November 15, according to
data available with the Gem & Jewellery Export
Promotion Council (GJEPC).
The ripple effects of mandatory hallmarking are
already being felt by the retail industry as the
move has boosted consumer confidence in gold,
said a media release issued by GJEPC.
Source: https://economictimes.indiatimes.com
Unique identification for Rebound in gold imports widens
gold jewellery comes into India’s trade deficit
effect
Indian households are once again hoarding gold, pushing up the import
Hallmarking of gold jewellery with six-digit Alpha bill and widening the trade deficit. The country’s trade deficit widened to
numeric numbers came into effect in all the districts $122 billion in April-November 2021, as gold imports shot up despite its
of Kerala, except Idukki, along with 256 districts in still elevated prices.
the country where hallmarking facility is available.
The Bureau of Indian Standards has stipulthe ated The gold import bill for the first eight months of the current fiscal year
that all gold jewellers should provide the unique soared 170% compared to the same period of 2020-21 and so did the
identification number for the jewellery they sell to trade deficit. But comparisons with the corresponding period of last
ensure that customers got the gold of the stipulated year is misleading as the economy was in a lockdown for most of the
purity as per international standards. Idukki has first quarter and under partial lockdown in the second quarter, denying
been exempted because there are no hallmarking households an opportunity to spend on non-essential goods.
facilities in the district.
Source: https://www.moneycontrol.com
30Source: https://www.irishtimes.com
