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Centre gears up to make hallmarking mandatory for gold bullion
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The government is gearing up to make hallmarking mandatory for gold bullion, a move aimed at ensuring the purity of gold products and safeguarding consumers from potential quality issues, Consumer Affairs Secretary, Nidhi Khare, said on Friday.
More than 40 crore gold jewellery items have been hallmarked to date -- over 4 lakh gold items being hallmarked per day, the government informed last month.
Addressing the Gems and Jewellery Conference by the Confederation of Indian Industry (CII) in the national capital, Khare said hallmarking has revolutionised the jewellery industry by instilling trust and transparency.
"The mandatory implementation of the six-digit unique ID hallmarking system ensures quality, traceability, and consumer confidence across the entire value chain," she told the gathering.
The automation of hallmarking processes, such as the API-based integration of XRF data, represents a leap forward in quality assurance, streamlining operations, and enhancing efficiency for both jewellers and consumers.
The next frontier for India’s jewellery sector lies in creating aspirational global brands, said Khare.
"Drawing inspiration from centuries-old European houses, Indian manufacturers must align their heritage with modern consumer preferences in different markets across the globe to leave a lasting imprint," she noted.
Since the launch of mandatory hallmarking, the number of registered jewellers has increased from 34,647 to 1,94,039 - a notable increase of more than five times. Similarly, the number of assaying and hallmarking centres (AHCs) has grown from 945 to 1,622, according to the Ministry of Consumer Affairs.
GJEPC Executive Director Sabyasachi Ray said that India's gems and jewellery industry has emerged as one of the most compliant sectors globally, adhering to high ethical standards and transparency through hallmarking, GST implementation, and the Kimberley Process for conflict-free diamonds.
"The success of free trade talks (FTAs) with the UAE and Australia exemplifies how strategic economic diplomacy can elevate the jewellery industry. By focusing on high-growth regions and reducing export duties, India is creating a conducive ecosystem for scaling up global trade," Ray said.
