April 15, 2021

Solely 10% of Indian jewellers go for hallmarked gold forward of wedding ceremony season

Kolkata: Barely 10% of about 300,000 jewellers within the nation have opted for hallmarked gold, for which the federal government has prolonged the deadline to June 1 from January 15. Because of this, many households might not be capable to purchase hallmarked jewelry within the wedding ceremony season.

This 12 months, April, Could and June have the best variety of marriage dates, with Could alone having 15 auspicious days for wedding ceremony. Many marriages that have been postponed final 12 months as a result of pandemic have been rescheduled to this 12 months.

Jewellers mentioned that since there have been hardly any gross sales in 2020 as a result of pandemic, the outdated inventory is mendacity with them. In the event that they go for the necessary hallmarking now, they should soften all the gold jewelry stock and provides it for assaying. Within the course of, they are going to lose the making costs.

“Jewelry doesn’t transfer quick like different merchandise as it’s a high-value factor. Due to this fact, some jewellers have stocks that are 4 to 5 years outdated. In the event that they go for hallmarking, then they should soften this jewelry and face losses on jewelry making costs,” mentioned Ashish Pethe, chairman, All India Gem & Jewelry Home Council. “We’d like time until the tip of this 12 months for jewellers to unload their stocks and go for hallmarking. Additionally, the hallmarking and assaying centres are usually not evenly unfold throughout the nation. Jewellers need to journey distances to get their jewelry hallmarked.”

The federal government has made hallmarking necessary for 14 carat, 18 carat and 22 carat jewelry. However in Maharashtra, brides are given 23 carat and 24 carat pure jewelry in weddings as streedhan (in Hindu legislation, belongings over which the spouse has rights). Because the authorities has not made hallmarking necessary for these classes of jewelry, households in Maharashtra have to purchase non-hallmarked jewelry.

Pethe mentioned the council has requested the federal government to incorporate 23 carat and 24 carat for necessary hallmarking. It will guarantee customers do not get cheated whereas shopping for gold ornaments and get the identical purity and carat as marked on the decoration, he mentioned.

In response to the Bureau of Indian Requirements (BIS) web site, Rs 35 per article needs to be paid for getting jewelry hallmarked.

“As of now, solely 400 tonnes of gold out of annual consumption of 1,000 tonnes is hallmarked. The federal government ought to enhance consciousness amongst customers in addition to amongst jewellers for necessary hallmarking,” mentioned Harshad Ajmera, former president of the Indian Affiliation of Hallmarking Centres.

If hallmarking is just not executed by the deadline, jewellers will be unable to proceed their enterprise. Small jewellers in tier 2 and tier three cities and in rural areas are significantly weak whereas giant organised retail chains stand to achieve.

Malabar Gold & Diamonds mentioned it spends Rs 20 crore yearly on hallmarking of its gold jewelry being bought at its shops in India and overseas.

“As soon as BIS hallmarking turns into necessary, prospects gained’t be capable to resell gold jewelry with out hallmarks. Due to this fact, the federal government, jewelry commerce organisations and different commerce stakeholders should come ahead to create widespread consciousness amongst customers on the advantages of buying hallmarked jewelry,” mentioned Ahammed MP, chairman, Malabar Gold & Diamonds.