Tuesday, 3rd January 2006 (3042 views)

India is to greatly expand its gold hallmarking centres in an effort to maintain standards, the Deccan Herald reports.

At present 33 hallmarking centres operate under the Bureau of Indian Standards: insufficient numbers to serve the needs of a population with a voracious appetite for gold.

The Union government has now confirmed that it plans to increase the number of hallmarking centres in the country, providing each of India's 602 districts with its own centre.

The government has justified the initiative, which is estimated to cost Rs 421.40 crore, in the name of public demand.

It is thought that Indian gold consumers are losing Rs 950 crore annually by paying inflated prices for below par gold.

Hallmarking is voluntary in India. However, the standing committee on food, consumer and public distribution are calling on the government and centres to improve public awareness, in order to reduce the number of people paying full price for low quality gold.

Hallmarking is the analysis and recording of the precious metals content of gold jewellery and enables consumers to see precisely what their money is getting them.

As the world's largest gold consumer, India consumes some 880 tonnes annually - meaning any new initiative in the gold market is big news.

 

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