Hallmarking to be mandatory

The government is working on making hallmarking mandatory for gold jewellery sales in the country. The issue was discussed at a meeting last week between the government and gold jewellery manufacturers.

"At the meeting with the association (Indian Jewellery Manufacturers Association), the stakeholders were very positive and keen on having hallmarking in place," said Union Agriculture Minister Sharad Pawar, while inaugurating Nayaab jewellery shop in Mumbai on Wednesday.

The industry is losing about Rs 30,000 crore per annum because of the sale of unmarked gold in the domestic markets, the minister added.

The members of the association came out with some practical difficulties, including monitoring private jewellers in the remote parts of the country, said Pawar, adding, "But, we have set up a body of industry representatives, which is going to submit a report on the issue within a week.

He said the government would consider ways of putting hallmarking in place once the report is submitted.

"The government wants to remove all hitches. At the same time, the jewellery sector should not be hit," he said.

Consumers buy gold not only for ornaments, but also for investments and, hence, security is a crucial issue. The government is working on areas where consumers' interests would be protected, he added.

There are only 42 certifying centres in the country. With the jewellery trade spread across the country, many more such centres are required.

When quizzed on the involvement of private parties for certifying gold jewellery, the minister said all the issues would be worked out once the group submitted the report. "Wait till the report is submitted," he replied.