Code of conduct soon for jewellers as sector aims to restore consumer trust

World Gold Council to initiate talks with industry bodies; move is aimed at controlling jewellers' default, building lender's confidence as well

The Rs 475,000-crore jewellery industry in the country is planning to introduce a model ‘code of conduct’ to bring back trust and confidence of consumers, lenders and policy makers. 

Confidence had ebbed in the last few years due to default by some errant domestic retailers and exporters.

The jewellery industry was facing problems for raising working capital from banks post the Punjab National Bank (PNB)-Nirav Modi scam in early 2018. Also, domestic jewellers faced huge liquidity squeeze on weak sales, following a sudden jump in gold prices during the July-September quarter. 

Lack of buying during the wedding season, ceremonial events and festive occasions