Gold Hallmarking Centres Scrap Closure Plans, Aim Profitability
With the hallmarking of the gold jewellery getting recognition, around 290 hallmarking centres engaged in giving purity certification to the gold jewellery across India may not shut operations. The owners are reworking their strategies and aiming at profitability.
View all Offers
View all Offers
OnePlus Nord 2 5G (Gray Sierra, 8GB RAM, 128GB Storage) I Extra upto Rs.1000 off on Exchange₹ 29999Buy On
OnePlus Nord 2 5G (Blue Haze, 8GB RAM, 128GB Storage) I Extra upto Rs.1000 off on Exchange₹ 29999Buy On
- 19% OFF
Redmi Note 10 (Aqua Green, 4GB RAM, 64GB Storage) -Amoled Dot Display | 48MP Sony Sensor IMX582 | Snapdragon 678 Processor₹ 12999₹ 15999Buy On
- 18% OFF
Redmi 9A (Nature Green, 2GB RAM, 32GB Storage) | 2GHz Octa-core Helio G25 Processor | 5000 mAh Battery₹ 6999₹ 8499Buy On
- 18% OFF
Redmi 9 (Carbon Black, 4GB RAM, 64GB Storage) | 2.3GHz Mediatek Helio G35 Octa core Processor₹ 8999₹ 10999Buy On
TOP VIDEOS FOR YOU
Harshad Ajmera, president, Indian Association of Hallmarking, said the
Also, with hallmarking of the gold jewellery becoming popular, the centres would be able to utilise their full capacity. Previously they utilised only 10-15% of their capacity, Ajmera added.
The BIS, under the Consumer Affairs Ministry, is the administrative authority of hallmarking in the country. Meanwhile, the BIS has cautioned people against cheats and has advised them to look for BIS Hallmark sign on the gold jewellery before purchase, collect cash receipt indicating BIS hallmark and the purity of the gold purchased.
Namit Dave, a gold analyst, said the jewellers who are engaged in 10-15% adulteration in gold will be mandated to sell pure 22 carat gold jewellery to the customers.
The customers are often victims of irregular metal quality. A buyer, for instance, will be told that he has bought gold of 22 carats. When he goes to sell or exchange it, he discovers that the gold is actually only 18 carats. “The oldest types of frauds are those of adulteration by adding too much alloy and the similar fraud of selling them without the standard fineness but with the base metal cores. These frauds continued till hallmarking scheme was launched by the BIS,” said a city-based jeweller on the condition of anonymity.
“With mandatory hallmarking, big brands will be benefitted the most. The local jewellers make their margins on impure gold sales and that is also one of the reasons why they sell at lesser price than the big brands,” said Kaushalendra Singh Sengar, CMD, Incubators Group.
The business community would find the hallmarking laboratory business profitable and in only Kolkata, we expect the number of centres to increase to 25 from 15 at present, experts said.
AdvertisementPankaj Parekh, vice-chairman, The Gem & Jewellery Export Promotion Council (GJEPC), said the country lacks adequate infrastructure and the government must address this problem urgently and the number of hallmarking centres should be increased.
Analysts feel that to cater to 20-25 jewellers, one hallmarking centre is needed in a locality.
Subir Sen, director, BC Sen Jewellers, said most of the jewellers sell hallmarked jewellery even if it is not compulsory. “But we have to ensure that sufficient facility should be there once it is made mandatory,” he added. “We don’t charge from the customers,” said Sen when asked about the gold purity tasting charges.
AdvertisementWhile Chandra Surana, proprietor, Bhuramal Rajmal Surana Jouhree, said hallmarking will be beneficial for the business as scrupulous trade will be stopped. “However, hallmarking is not possible in case of kundan and meena jewellery,” said Surana.
However Chandrakanta Roy Chowdhury, partner, MP Jewellers, said apart from plain gold jewellery, even kundan sets are hallmarked in all the MP Jewellers showrooms.
Anita Naithani a gold jewellery lover, who makes it a point to buy jewellery on festive occasions, said, “I prefer buying unique and designed pieces along with hallmark certification assuring the highest standard of purity.”
- Droom founder explains why he is considering a US IPO and where he intends to spend the money
- 21 new COVID-19 cases reported at Tokyo Olympics, no athletes among them
- Tokyo Olympics: Vandana's hat-trick keeps India's quarter final hopes alive in women's hockey
- The Tokyo Olympics are a hive of NFT activity — from pins to moments to artwork
- Twitter is rolling out an update to make Twitter Spaces easier to share and discover