Gold Industry Calls for Hallmarking of 9-Carat Jewellery Amid Soaring Prices

As gold and silver prices surge to unprecedented levels, the gold trade has urged the Bureau of Indian Standards (BIS) to introduce hallmarking and Hallmarking Unique Identification (HUID) numbers for 9-carat gold jewellery

Post By : IJ News Service On 24 May 2024 4:02 PM

As gold and silver prices soar to unprecedented levels, the gold trade has made a crucial plea to the Bureau of Indian Standards (BIS) for the implementation of hallmarking and Hallmarking Unique Identification (HUID) numbers specifically for 9-carat gold jewellery. This significant move arises in response to the financial strain experienced by many consumers, as the precious metals become increasingly unaffordable.

In the current scenario, hallmarking with HUID numbers is only mandatory for 14, 18, and 22 carat gold jewelry. However, the relentless surge in gold and silver prices has sparked concerns within the industry about accessibility and affordability for consumers, particularly for those seeking lower carat options.

The proposal to extend hallmarking to 9-carat gold jewellery reflects the industry's recognition of the evolving market dynamics and the pressing need to adapt regulatory frameworks accordingly. By ensuring that 9-carat gold jewellery also meets the stringent standards set by hallmarking and carries a unique identification number, consumers can have greater confidence in the authenticity and quality of their purchases.

Hallmarking serves as a vital assurance of purity and quality, providing consumers with the necessary transparency and trust in the products they buy. With the inclusion of 9-carat gold under the hallmarking regime, consumers will benefit from enhanced protection against counterfeit or substandard jewellery, thereby fostering a more secure and informed marketplace.

Moreover, the introduction of HUID numbers for 9-carat gold jewellery will facilitate traceability throughout the supply chain, enabling authorities to track and monitor the movement of these products effectively. This measure not only bolsters consumer confidence but also strengthens regulatory oversight, promoting integrity and accountability within the industry.

While the implementation of hallmarking for 9-carat gold jewellery represents a significant step forward in consumer protection and industry standards, it also underscores the ongoing challenges posed by escalating precious metal prices. As gold and silver continue to command premium valuations, stakeholders across the gold trade must remain vigilant in addressing affordability concerns and exploring innovative solutions to ensure inclusivity and accessibility for all consumers.

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