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Soon, jjewellerswill not be able to sell gold coins and bars without hallmarking. Consumer Affairs Secretary Nidhi Khare has said that the government is considering making hallmarking of gold coins and bars mandatory. Also, rules are being made for lab-grown diamonds. Addressing the ‘CII Gems and Jewellery Conference’, Khare said that there is a need to protect the interests of consumers by providing quality products to the people. Khare said, “The gems and jewellery sector is an important pillar of our economy, which contributes very significantly to both exports and employment.”
More than 40 crore jewellery has been hallmarked
The secretary also mentioned the successful implementation of mandatory hallmarking of gold jewellery and gold artefacts which began on June 23, 2021. He said that more than 40 crore gold jewellery has been hallmarked with a unique HUID (Hallmark Unique Identification), ensuring greater trust and transparency for consumers in the market. Khare said, “There is a proposal to make hallmarking of gold coins and bars mandatory and the department is considering it.” He said, “The thinking behind this is that when jewellers are importing gold, many times they are not sure about the quality of that gold. So I think the entire value chain should be recognised for its purity, its accuracy, honesty and truth.”
The market will reach $134 billion by 2030
Khare said India’s gems and jewellery sector market is projected to reach $134 billion by 2030, up from about $44 billion in 2023. The consumer secretary said India is also the second largest gold exporter globally, accounting for about 3.5 per cent of the country’s total exports. “The Government of India recognises the potential of this sector and has also designated it as a priority sector for export promotion,” Khare said. Regarding mandatory hallmarking of gold jewellery, the secretary said the number of registered jewellers has increased to about 1.95 lakh, while the number of assaying and hallmarking centres (AHCs) has increased to over 1,600.
Rules are being made for diamonds too.
Khare also said that the Department of Consumer Affairs is also making rules for artificially grown diamonds in the laboratory to protect the interests of consumers who buy very expensive natural diamonds. He said that the demand for lab-grown diamonds is increasing. On this occasion, Sabyasachi Ray, Executive Director of Gems and Jewellery Export Promotion Council (GJEPC, said that mandatory hallmarking of gold needs to be done to ensure the quality of raw material.
