A report ‘Developing Indian Hallmarking – A roadmap for future growth’ published by the World Gold Council (WGC) on 30 July stresses on the importance of a nationwide hallmarking system which will contribute to the growth of gold jewellery exports as well as the gold monetization scheme in India.
Currently, according to the report, only 30 percent of Indian gold jewellery is hallmarked despite of the introduction of a hallmarking standard in 2000 by the Bureau of India Standards (BIS). Differences in purity are widespread in the country, while under-caratage is seen from 10 to 15 percent.
Apart from providing an in-depth assessment of the current hallmarking system, the report recommends steps to enhance the current system in the hope to rebuild the trust in the purity of Indian gold, giving consumers greater confidence in the caratage of their gold purchases. An increased confidence in Indian gold “has the potential to increase the country’s gold exports from an existing US$8 billion to US$40 billion by 2020”.
Among the key actions recommended by the report are to strengthen governance around hallmarking processes, to drive customer awareness of hallmarking, to incentivise and facilitate targeted expansion of hallmarking centres, to use BIS data to develop a ratings system for jewellers, etc.
Somasundaram PR, managing director, India, WGC commented on the report: “The trust and confidence which comes with a credible nationwide hallmarking system will underpin the growth of gold jewellery exports, boosting the Indian industry’s credibility in the global jewellery sector. It is a fundamental requirement if the industry wants to have a bigger role in the ‘Make in India’ ambition and eventually position India as ‘jeweller to the world’. In addition, the quality of gold would be a critical element for the success of the gold monetisation scheme.”
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