Developing Indian Gold Hallmarking
Published 30th July 2015
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Developing Indian hallmarking
Managing Director - India
The World Gold Council has conducted a study to assess the current state of hallmarking in India.
Our intention was threefold:
- To evaluate the existing hallmarking system
- To stimulate debate around how best to strengthen hallmarking processes
- To demonstrate the benefits of an effective hallmarking infrastructure.
This report studies the Indian market holistically and we consulted extensively with both industry experts and other stakeholders from across the supply chain. Insights were gained from subject matter experts, including the Bureau of Indian Standards (BIS) and the management consulting firm Oliver Wyman. We also compared the Indian hallmarking system with best practices in other countries.
Our report is comprised of four sections:
- First, we outline the importance of quality assurance
- Second, we assess the current state of hallmarking, looking at policy, process, penetration, economic drivers and governance
- Third, we consider lessons from other countries
- And fourth, we set out a roadmap for the future.
Our firm belief is that enhancing the hallmarking system in India would rebuild trust in the purity of Indian gold, increase consumer confidence, enhance exports and create employment. It would also be an essential element in any successful gold monetisation programme and a critical element to India becoming ‘ jeweller to the world.’
India has a rich tradition of gold consumption and production. Cherished as both an adornment and an investment, Indian households own circa 22,000 tonnes of gold and around 600 tonnes of gold is used in jewellery production each year.