Gold Jewellers in India May Fail to Meet Gold Hallmarking Deadline

SEATTLE (Scrap Monster):  The India Bullion and Jewellers Association (IBJA) said that it is highly doubtful about jewellers achieving 100% gold hallmarking before the deadline set by the government. The deadline for mandatory hallmarking was recently extended from 1^st June, 2020 to 15^th January, 2021, on account of Covid-19 pandemic.

According to IBJA, only around 10% of the jewellers in the country are certified under the Bureau of International Standards (BIS) to sell hallmarked jewellery. As per estimates, the number of hallmarked jewellers comes to only around 30,000 out of the total 300,000 all over the country.

The Association requested the government to extend the deadline till January 2022. Three months were lost due to Covid-19 lockdowns. Also, it may require nearly nine months for the markets to revive, noted Surendra Mehta, National Secretary, IBJA. Jewellers may require more time to replace their stocks with hallmarked gold. Non extension of deadline would significantly impact small jewellers, he added.

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Furthermore, he urged the government to have a relook at the entire Hallmarking Act, after the proposed introduction of the Consumer Protection Act. The clash between penal provisions in both the Acts could result in delayed justice for consumers, Mehta noted.