Jewellers could be collection centers for the gold monetization scheme

Banks, representatives of hallmarking centers and the Bureau of Indian Standards (BIS) have been in discussions on the possibility of jewellers being collection centers for the gold monetization scheme, as per reports.

Reports also suggest that the finance ministry threw the possibility of jewellers being involved in assaying and the hallmarking centers could do the work of melting the jewellery and issuing a certificate basis which the banks would open the account. Although BIS did not seem very ready for this, it would take its stance when the gold monetization scheme comes for review and if it agrees it would set criteria for the jewellers. According to some companies in the industry, consumers share a sense of trust with jewellers hence their part in the scheme would also help. So far BIS has recognised 22 hallmarking centers and more centers would be needed.

Due to a small number of collection and purity testing centers existing currently, there is pressure on the hallmarking centers. The government is keen to popularise the Gold monetization scheme and roll it out soon before Diwali. BIS is looking to increase the number of centers and has begun inviting applications, reports add.