WGC: Mandatory Hallmarking To Be Positive for Gold Industry

SEATTLE (Scrap Monster): The latest report published by the World Gold Council (WGC) discusses the important guidelines under the mandatory gold hallmarking system in place in India. It presents the transitional issues in connection with the hallmarking unique ID (HUID). Finally, it outlines likely developments that may follow implementation of the system.

According to WGC, the implementation of mandatory hallmarking for gold will turn out to be positive for the country’s gold market. It will improve transparency and give consumers more confidence in the purity of gold that they buy. Apart from increasing the reputation of the Indian gold market, it has the potential of boosting jewellery exports. It must be noted that the mandatory hallmarking for gold jewellery and gold artefacts has come into effect in mid-June this year.

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The HUID could prove to be transformative for the jewellery sector, being capable of addressing consumer complaints about inconsistent quality of jewellery. It presents a model that could be emulated in other markets by use of technology. After initial delays and operational challenges, the HUID process has now stabilised. The pace of hallmarking has increased over the past few months, WGC noted.