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Friday, 4th November 2005 (4013 views)

Indian banks have been urged to consider the quality of gold jewellery when offering loans.

The Reserve Bank of India (RBI) yesterday pointed out the advantage of basing rates on hallmarked jewellery, namely that it offers better security.

Hallmarking is important as it ensures the cartage, fineness and purity of gold jewellery and protects against counterfeit goods.

The RBI hopes that encouraging banks to demand hallmarked jewellery as security will lead to the larger adoption of hallmarking, which would in turn offer the loans industry more stability.

This follows comments made by the Bureau of Indian Standards (BIS), urging consumers to insist on hallmarked gold jewellery.

 

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