Commodity Champions focuses on the new gold standard in jewellery business, which is hallmarking. The ounce voluntary practice was made mandatory by the government last month in an effort to bring transparency into the sector and create a level playing field.

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According to the World Gold Council, India has 4 lakh jewellers, out of them nearly 45,000 have been certified. India’s gold and diamond trade contributed 7.5 percent to the country’s gross domestic product (GDP) and 14 percent to the country’s total merchandise exports.

One of the largest in the world, the country’s gems and jewellery industry contributes 29 percent to the global jewellery consumption. Given the size and contribution of this sector, the government’s attempt at aiming for transparency has been lauded. However, there are concerns about feasibility of the move as well as the hallmarking unique identification number or HUID that each piece of hallmarked jewellery is required to be stamped with.

Furthermore, there are also concerns of smaller players being able to keep up with such standards. Globally hallmarking is a norm but countries like China are benefiting from the practice.

How do India’s standards compare with these and will hallmarking hurt or help the small traders? Ajoy Chawla, CEO-Jewellery at Titan; Colin Shah, Chairman at Gem Jewellery Export Promotion Council (GJEPC) and Somasundaram PR, MD India at the World Gold Council, discussed this.

For the entire show, watch the accompanying video.

(Edited by : Bivekananda Biswas)

First Published:Jul 20, 2021 4:44 PM IST