World Gold Council and Madras Jewellers and Diamond Merchant's Association are sponsoring a B2B event, the third Gem & Jewellery India International Exhibition planned for March 2-5, 2007, in Chennai.

LKS Syed Ahamed, President of Madras Jewellers and Diamond Merchant's Association, said the event would bring together some of the top manufacturers from across India and plenty of opportunities to meet, discuss regulations, and source products.

Ahamed also expressed that as the deadline draws near for hallmarking the government plans issuing a smart card for "hassle free movement" of gold locally and internationally, which would make it easier for transporting gold as well as generating tracking statistics.

World Gold Council vice president K Shivram said it was important for India to maintain quality and confidence in the jewelry sector through business relationships. India accounts for 20 percent of global gold production Shivram said, and lower customs tariffs have helped India beat Italy as top producer. Shivram added that hallmarking for jewelry would further focus the industry on quality assurances.