Post by suewerry on Jan 6, 2012 3:38:44 GMT -5
Jade Jewelry buyers across India may soon be able to get a guarantee of the quality of the gold they're paying for, with the federal cabinet approving an amendment to a law which could lead to compulsory hallmarking.
The amendment has to be ratified by parliament before it becomes law. "This will take at least seven to eight months," a top government official said Wednesday. Jade Rings
The move is significant in that jewelry accounts for 80% of gold sales in India, the world's largest consumer of the precious metal. India's gold demand in 2011 was estimated to be around 960 tons by the World Gold Council. Government officials say traditional handcrafted pieces, with their many joints and alloys used for soldering, leave room for dubious claims on caratage. Jade Bangle Currently, hallmarking of gold jewelry is optional for retailers.
Implementing the law could prove to be tough as much of India's jewelry is handmade and fashioned in small workshops, often using blowpipes and candles or oil flames. Jade Necklaces Also, although even the smallest of towns have at least one jewelry shop, hallmarking centers so far exist only in the bigger cities, said Dinesh Jain, director of the All India Gems and Jewellery Trade Federation.
The amendment has to be ratified by parliament before it becomes law. "This will take at least seven to eight months," a top government official said Wednesday. Jade Rings
The move is significant in that jewelry accounts for 80% of gold sales in India, the world's largest consumer of the precious metal. India's gold demand in 2011 was estimated to be around 960 tons by the World Gold Council. Government officials say traditional handcrafted pieces, with their many joints and alloys used for soldering, leave room for dubious claims on caratage. Jade Bangle Currently, hallmarking of gold jewelry is optional for retailers.
Implementing the law could prove to be tough as much of India's jewelry is handmade and fashioned in small workshops, often using blowpipes and candles or oil flames. Jade Necklaces Also, although even the smallest of towns have at least one jewelry shop, hallmarking centers so far exist only in the bigger cities, said Dinesh Jain, director of the All India Gems and Jewellery Trade Federation.