Government Considers Gold Bullion Hallmarking to Ensure Quality Assurance, Boost Jewellery Exports

New Delhi, Dec 6 (KNN) In a significant move to enhance consumer confidence and strengthen India’s gold jewellery industry, Consumer Affairs Secretary Nidhi Khare has announced that the government is considering a proposal to mandate the hallmarking of gold bullion across the country. 

Speaking at the Gems and Jewellery Conference in New Delhi, Khare emphasised that this initiative is crucial for ensuring quality assurance and greater acceptability of gold across India. 

The hallmarking, which includes the 6-digit HUID number, has significantly increased the credibility of gold jewellery in the eyes of consumers, helping to prevent instances of substandard or counterfeit products.

Khare also stressed the importance of traceability for hallmarked jewellery to maintain transparency and protect consumer interests, even after several decades. 

This, she believes, will bolster the sector’s trustworthiness and could contribute to higher exports. The Ministry of Commerce & Industry is already coordinating with various ministries to double India’s exports of gems and jewellery over the next five years, tapping into potential Free Trade Agreements (FTAs) to boost global trade.

With imports of jewellery still prominent, Khare proposed the idea of hosting an annual fair to showcase India’s rich heritage in jewellery craftsmanship, attracting global buyers. 

She further criticised a certain country (without naming it) that refuses to recognize Indian hallmarked jewellery, while promoting its own luxury watches that claim to be hand-crafted and embedded with precious metals.

The Secretary called for global recognition and mutual respect for Indian hallmarks, suggesting that the Indian diaspora could play a pivotal role in promoting the global popularity of Indian jewellery.

In addition to the gold hallmarking initiative, Khare addressed concerns over lab-grown diamonds, assuring the development of a regulatory framework soon to protect consumers from misleading sales practices. 

She also announced that guidelines to tackle pesky calls are in the pipeline, with the Department of Telecommunications having finalized new regulations.

(KNN Bureau)