Soon Jewelers will not be able to sell gold coins and bars without hallmarking. Consumer Affairs Secretary Nidhi Khare has said that the government is considering making hallmarking of gold coins and bars mandatory. Besides, rules are also being made for lab-grown diamonds. Addressing the ‘CII Gems and Jewelery Conference’, Khare said there is a need to protect the interests of consumers by providing quality products to the people. Khare said, “The gems and jewelery sector is an important pillar of our economy, which contributes significantly to both exports and employment.”
Hallmark given to more than 40 crore jewelery
The Secretary also mentioned the successful implementation of mandatory hallmarking of gold jewelery and gold artefacts which started from June 23, 2021. He said that more than 40 crore pieces of gold jewelery have been hallmarked with a unique HUID (Hallmark Unique Identification), thereby ensuring greater trust and transparency for consumers in the market. Khare said, “There is a proposal to make hallmarking of gold coins and bars mandatory and the department is considering it.” He said, “The idea behind this is that when jewelers are importing gold, many times they themselves are not sure about the quality of that gold. So I think the entire value chain needs to be ensured about its purity, its accuracy, To be recognized for honesty and truthfulness.”
Market will reach 134 billion dollars by 2030
Khare said that the market of India’s gems and jewelery sector is estimated to reach $ 134 billion by the year 2030, which was about $ 44 billion in 2023. The Consumer Secretary said India is also the second largest gold exporter globally accounting for about 3.5 per cent of the country’s total exports. “The Government of India recognizes the potential of this sector and has also designated it as a priority sector for export promotion,” Khare said. Regarding mandatory hallmarking of gold jewellery, the Secretary said that the number of registered jewelery sellers has increased to about 1.95 lakh. While the number of Assaying and Hallmarking Centers (AHC) has increased to more than 1,600.
Rules are being made for heroes also
Khare also said that the Department of Consumer Affairs is also making rules for artificially grown diamonds in laboratories to protect the interests of consumers buying extremely expensive natural diamonds. He said that the demand for lab-grown diamonds is increasing. On this occasion, Executive Director of Gems and Jewelery Export Promotion Council (GJEPC) Sabyasachi Ray said that there is a need to make mandatory hallmarking of gold to ensure the quality of raw material.
(With inputs from PTI/Language)
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