Malabar Group Chairman welcomes HUID as ‘revolutionary step’ for gold trade

Malabar Gold & Diamonds, one of the largest gold and diamond retail chains of the country, has welcomed the decision of the Union Ministry of Consumer Affairs to not to allow sale of hallmarked gold jewellery and artefacts without HUID (hallmark unique identification) number from April 1, 2023.

Commenting on decision of the Union Ministry of Consumer Affairs, M P Ahammed, Chairman, Malabar Group said, “We welcome the decision of the government. It’s a game changing moment and will transform the way gold jewellery is sold in the markets. By standardizing the quality and transparency, HUID will not only strengthen customer trust in the jewellery retail trade but also safeguard customer interest. The HUID will bring in more transparency to the gold jewellery trade as it provides the details of the retailer selling a particular jewellery and the hallmarking centre that has checked and confirmed the purity level of the gold used in the jewellery. This will prevent the illegal gold trade to a great extent, which in turn will boost the revenue collection for the government. Currently, the HUID and the billing are not linked. If capturing the HUID code in the bills is made mandatory, it will plug the loopholes further to eliminate tax evasion. The government should initiate steps to link billing with the HUID system.”

Courtesy: (ANI / NewsVoir)