March 6, 2021

Jewellers unlikely to realize 100% gold hallmarking by June 2021: IBJA

Jewellers throughout the nation are unlikely to realize 100% gold hallmarking by June 2021, the brand new deadline set by the federal government, in line with the India Bullion and Jewellers Affiliation (IBJA).

At current, solely 30,000 jewellers out of the practically 300,000 jewellers within the nation are BIS (Bureau of Indian Requirements) licensed and are promoting hallmark gold.

The federal government had prolonged the deadline for obligatory hallmarking to June 1, 2020, from January 15, 2021, in view of the Covid-19 pandemic.

“We’ve got requested the federal government for extension of the deadline until January 2022 as we have now misplaced three months in lockdown and now it could require at the very least 9 months for the market to revive,” stated IBJA nationwide secretary Surendra Mehta.

He additionally stated that after the introduction of the Client Safety Act, the federal government must relook on the total Hallmarking Act.

“We really feel the Client Safety Act is far wider in scope and covers all features of gross sales and providers whereas the Hallmarking Act caters to a restricted space. Additional, there are totally different penal provisions within the Client Safety Act and the Hallmarking Act. Such totally different penal provisions in two totally different Acts might result in delays in shoppers getting justice,” stated Mehta.

Jewellers stated there are hardly any gross sales of gold jewelry today owing to the surge in gold costs to about Rs 50,000 per 10 grams and the financial uncertainty prevailing available in the market. Except jewellers are in a position to promote their merchandise, they can’t substitute their inventory with hallmark gold, they stated.

Anantha Padmnabhan, chairman of the All India Gem & Jewelry Home Council, stated that by September 2021, jewellers will be capable to substitute 70% of their stocks with hallmarked gold. “We’ll want one other three to 4 months to fully substitute the inventory with hallmarked gold. So the deadline needs to be prolonged to January 1, 2022. “Small jewellers will endure if the deadline is June 1, 2021,” he stated.

Nevertheless, Uday Shinde, president of Indian Affiliation of Hallmarking Centres, stated: “We have been anticipating that at the very least 100,000 jewellers will go for obligatory hallmarking by October this 12 months. However the pandemic has delayed the method. Nevertheless, I really feel that the method shouldn’t be delayed past June 1, 2021. If the date must be deferred additional, then jewellers ought to speak in confidence to the federal government their inventory, each hallmarked and non-hallmarked.”