Gold trade urge introduction of hallmarking for 9-Carat gold amid record prices 

 Hallmarking and HUID numbers, presently, are reserved for 14, 18, and 22-carat gold variant

Mumbai: Amid soaring prices of gold and silver, the gold trade industry is pressing for the introduction of hallmarking and Hallmarking Unique Identification (HUID) numbers, specifically for 9-carat gold. In a recent development, officials from the Indian Bullion and Jewellers Association (IBJA) convened with executives from the Bureau of Indian Standards (BIS) to deliberate on this crucial matter. 

Highlighting the unprecedented surge in prices of precious metals, the IBJA underscored the necessity of enabling hallmarking for 9-carat gold. This move, they emphasized, could empower consumers to invest in more substantial jewellery pieces while adhering to their budgetary constraints. 

Surendra Mehta, national secretary of IBJA, said, “Prices are surging northwards and consumers are feeling the pinch of it. Keeping that in mind, we met the officials today to allow hallmarking for 9-carat jewellery.” 

The current cost of 9-carat gold stands at ₹27,740 per 10 grams, with an additional 3% Goods and Services Tax (GST) applicable. With prices hitting historic highs, many find gold and silver jewellery increasingly unaffordable. By extending hallmarking to 9-carat gold, consumers could access a broader range of options while ensuring quality standards are maintained. 

Presently, hallmarking and HUID numbers are reserved for 14, 18, and 22-carat gold variants respectively. However, the gold trade’s advocacy aims to expand these standards to include 9-carat gold, catering to a wider demographic of buyers. 

The call for regulatory action by the BIS underscores the industry’s commitment to transparency and consumer protection. As discussions continue between stakeholders, the outcome holds significant implications for both the gold trade and consumers navigating the volatile precious metals market. 

Courtesy: Retail Jeweller India News