The Union government is considering a proposal to mandate hallmarking of gold bullion, which would ensure traceability and promote greater acceptability nationwide, Consumer Affairs Secretary Nidhi Khare said on Friday.
"India has achieved a significant milestone with over 40 crore pieces of jewellery being hallmarked since the introduction of the process," Khare said at the Gems & Jewellery Conference in New Delhi.
The implementation of the six-digit unique ID instilled trust among consumers, according to Khare. "Now, the government is gearing up to make hallmarking mandatory for gold bullion," she said.
This move will ensure the purity of gold items and safeguard consumers from being cheated.Nidhi Khare
The next frontier for the country's jewellery sector lies in creating aspirational global brands. India is also the second largest gold exporter globally, contributing to about 3.5% to overall exports, the consumer affairs secretary said. "The government of India has designated the sector as a priority area for export promotion."
Ms. Nidhi Khare (@inidhikhare) Secretary, Department of Consumer Affairs, GOI delivered the inaugural address as the Chief Guest at CII Gems and Jewellery Conference today, highlighting India's strides in consumer protection through Mandatory hallmarking of ... pic.twitter.com/xVQM9df0i4
"By focusing on high-growth regions and reducing export duties, India is creating a conducive ecosystem for scaling up global trade," Sabyasachi Ray, executive director of Gem & Jewellery Export Promotion Council, said at the event, organised by the Confederation of Indian Industry.
Khare pointed out that the Department of Consumer Affairs was framing regulations for lab-grown diamonds to protect the interest of consumers buying natural diamonds that are much costlier.
"India is known for making quality products quickly and affordably, and lab-grown diamonds are no exception," G R Anand Ananthapadmanabhan, managing director of GRT Group, said. "They open up new avenues in the global jewelry market, especially among younger buyers."
Khare underscored that India's gems and jewellery sector's market size is projected to reach $134 billion by 2030 from around $44 billion in 2023.
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