Wednesday, 8th February 2006 (2694 views)

The Indian government has announced that hallmarking of gold will be mandatory from January 1st 2008.

To ensure that all jewellers comply, the Bureau of Indian Standards (BIS) will charge 10,000 Rs (£130) for a three-year licence if the jeweller is from outside a metro or district headquarters.

Those within district regions will be charged 20,000 Rs for a three-year period, while those in metros - such as Mumbai and Delhi - will pay 25,000 Rs.

Currently, the BIS grants hallmarks for jewellers from one of its 34 facilities - but only as demanded and this is voluntary, reports the Financial Express.

It is also hoping to expand its facilities to cater more for gold jewellers in rural areas and small towns as populations from these make up 70 per cent of the gold demand in the whole country.

India is the world’s largest consumer of gold. For 2006 it is predicted that some 750 tonnes will be imported.

 

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