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India makes gold jewellery hallmarking mandatory from January 15
Amazing -- the Indian government facilitates the monetizing of gold here, rather than the usual paperizing of it.
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By Rajendra Jadhav
Friday, November 29, 2019
MUMBAI -- India will make hallmarking of gold jewellery and artefacts mandatory from mid-January, a senior government minister said today, a move that could boost demand in the world's second-biggest gold market by tackling quality concerns.
Hallmarking will be mandatory from Jan. 15, but a period of one year will be allowed to set up new hallmarking centres and to clear jewellers' existing stocks, Consumer Affairs Minister Ram Vilas Paswan told reporters.
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Hallmarking jewellery is not yet mandatory in India, where jewellery quality is sometimes an issue, mainly with small jewellers, and customers face problems when selling old jewellery for cash or exchanging it for new.
"The move will bring trust back to the gold industry, benefiting consumers and trade alike," said Somasundaram PR, managing director of the World Gold Council's Indian operations. ...
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