Hallmarking of gold to be mandatory from 2008

Bangalore, Sep 10 (UNI) The Centre has decided to make hallmarking of gold mandatory from 2008 for securing consumer interest in gold trade, Bureau of Indian Standards Additional Director General Y P Singh said today.

In his inaugural address at an awareness programme on Hallmarking of Gold and Jewellery here, he said it was in line with the developments taking place at the global level. These initiatives would go a long way in helping in jewellery exports, a major foreign exchange earner for the country.

However, the Government would seek feedback from the trade before making hallmarking mandatory, he added.

Business sources said the annual consumption of gold, which was estimated to be 65 tonnes in 1982, had increased to 800 tonnes in 2004-2005. However, with skyrocketing prices, the consumption had decreased to 700 tonnes in 2005-06.

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