Now Reading: Gold jewellery gets ‘sold’ tag to stop hallmark misuse
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Gold jewellery gets ‘sold’ tag to stop hallmark misuse
Each piece of gold jewellery will be tagged as 'sold' against its unique Hallmark Unique Identification (HUID) number after purchase, under a government plan to prevent reuse of the code on stolen…
The Story in Brief
Each piece of gold jewellery will be tagged as 'sold' against its unique Hallmark Unique Identification (HUID) number after purchase, under a government plan to prevent reuse of the code on stolen items. The proposal, still at the discussion stage, targets India's Rs 7.4 lakh crore jewellery market, where snatching and theft are common. Mandatory rules are likely to start with urban organised retailers and later extend to the unorganised sector, which holds 84% of the market.
Misuse of the hallmark can draw up to one year in jail or a fine of at least Rs 1 lakh under the BIS Act. Industry reaction is mixed: some jewellers worry about higher compliance costs for custom pieces, while others say the system will improve transparency and curb malpractices.
The Indian Opinion
The 'sold' tag is a commonsense move to deter resale of stolen gold, but its real test lies in enforcement. The unorganised sector, which dominates the market, has little incentive to comply unless penalties are steep and audits frequent. Jewellers complain about rising compliance costs, yet consumer trust in hallmarked gold remains shaky. The government should focus on making the BIS Care app easier for buyers to use, and on punishing repeat offenders. Will the rules cover small-town pawnbrokers who often buy stolen jewellery without invoices?
Source: livemint.com
This story was synthesised by AI from the source linked above.
