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WGC conducts study on gold hallmarking in India
States that enhancing the hallmarking system in India would rebuild trust in the purity of Indian gold
By: Diamond World News Service
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Jul 30 2015 6:51PM
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Reference: 11749  

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World Gold Council (WGC) has published a report entitled ‘Developing Indian Hallmarking: A roadmap for future growth’. The study focuses on the current state of gold hallmarking in India and a holistic study of the country’s gold market.

The WGC noted that, “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.”

The study also outlines some measures which WGC feels are required to enhance the scheme and boost production and exports of gold jewellery.

According to the report, on an estimate, when gold hallmarking system is enhanced in India, it could boost exports to around US$ 40 billion from US$ 8 billion in 2013 and create up to 2.5 million jobs by 2020. It also noted that this would also enable the Government’s gold monetisation scheme to be materially more effective and that consumers would ultimately appreciate the benefits of reliable, hallmarked gold.

There were some short and long term suggestions proposed by the WGC . During the short term, WGC suggested strengthening governance around hallmarking processes, driving customer awareness of hallmarking, incentivizing and facilitate targeted expansion of hallmarking centres, using BIS data to develop a ratings system for jewelers, piloting the BIS Unique ID scheme or other technology solutions to support hallmarking, pursuing membership of the International Hallmarking Convention or develop an Asian alternative. In the long term, the report suggested that a mandatory hallmarking regime should be undertaken with the manufacturer taking the responsibility of implementation.

The report was prepared with inputs from local jewellers, large retailers, gold refineries, trade bodies, gold loan companies, technological experts, hallmarking agencies and associations of these agencies, the Bureau of Indian Standards (BIS) and from international subject matter experts and the management consulting firm Oliver Wyman.

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