Hallmarking of Gold Jewellery: Challenges and Anomalies in Implementation
India's love for gold, especially in the form of jewellery, is widely known. However, the process of converting raw gold into jewellery involves alloying it with other metals, making consumers vulnerable to potential adulteration. Consumers have long been aware of this issue, but their only option has been to trust the words of jewellers.To address this concern and instill trust among consumers, the Reserve Bank of India (RBI) Standing Committee on Gold and Precious Metals designated the Bureau of Indian Standards (BIS) as the sole agency responsible for implementing the Hallmarking Scheme in India in 2000. The hallmarking scheme aimed to protect consumers from cheating, enhance export competitiveness, and establish India as a leading global market for gold jewellery.Fast forward to 2018, when the Central Government, through a notification, mandated…
