Friday, 21st December 2007 (1273 views)

Members of India's gold sector have raised some potential problems with the mandatory hallmarking scheme set to be introduced in the country next year.

To be implemented from January 1st 2008, the new regulations make the hallmarking of every item of gold sold mandatory.

However, the BIS Hallmarking Act of 2006 has been criticised by the chair of the All India Gems & Jewellery Trade Federation, Ashok Minawala.

According to Mr Minawala, the act could threaten the sale of gold by increasing the level of bureaucracy within industry operations.

He claimed that the Trust Mark introduced by the federation is enough to ensure that gold products sold in the country are authentic.

The federation chair emphasised that the organisation is not against hallmarking in principle, but wishes the deadline for the rule's implementation to be extended.

Meanwhile, the Times reported recently that an economic boom in India is boosting sales of gold among its inhabitants.

 

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