This news is going to make the buyers of jewellery very secure, as a senior government minister on Wednesday said that it has been made mandatory for the gold jewelers to hallmark their jewellery. It has been made much easier for the buyers of gold to buy genuine gold jewellery and there will be no doubts about the gold jewellery before buying it.
This step taken by the government will also help the sales of the gold jewellery boost at this time when the rates are high.
Bombay bullion association president Prithviraj Kothari also hailed this move by the government
and said that the government should quickly build more hallmarking centers to keep pace with the demand.
Kothari said, “Gold prices are high. Customers paying a hefty price need to be assured of quality. It is good move for the industry. Hallmarking can boost investment demand in jewellery form. Currently purity concerns deter many consumers from buying jewellery.”
This news has also been received possibly by the traders as their exports will increase and people will tend to buy more gold now. This move has also encouraged a similar call for silver jewellery as well. This move is like a security for the buyers of gold.
The hallmarking of silver jewellery is not yet mandatory in India and especially with small jewelers. This is ultimately a problem on the customers when they seek for redemption.
“Like gold, the government should make hallmarking compulsory in silver. It is a big market. Many people invest without purity guidance,” Kothari said.
Well, this is a security that the government has given to the buyers and will prove to be beneficial even to the traders.