NEW DELHI: With the government making it mandatory to sell only ‘hallmarked’ gold jewellery, gold jewelery shopkeepers are complaining that fake hallmarked gold jewelery is now circulating in the market.
Fake stamp
Hallmark is a method of evaluating the quality of gold jewelry.
Gold jewelery that is hallmarked as per the norms laid down by the Indian Standards Association is of value for money.
Hallmarking centers licensed by the Indian Standards Organization provide hallmarking of gold as per purity standards.
In this case, there have been complaints that fake hallmarks have been placed and the sale of gold jewelery has increased.
It has also been requested that the government should take immediate action in this regard.
The price is low
In this regard, Chairman of ‘Malabar Gold and Diamonds’ Company MP Ahmed said:
With the Hallmark stamp made mandatory since June last year, the sale of fake stamped jewelery has increased in the market.
Companies selling jewelery with fake hallmarks are selling them at a discount of Rs 200–300 per gram.
This affects those who sell gold jewelery in a fair and legal manner.
Smuggled gold
Also, a large amount of smuggled gold has entered the market after the import duty was increased.
This smuggled gold is given to unauthorized gold jewelery manufacturers and converted into jewellery. Due to this, the government is losing crores of rupees in tax revenue. So the government should take appropriate action regarding these.
This is what he said.
Subscribe Dinamalar channel for new news