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Hallmark 21 karat gold for exports too’

Hallmark 21 karat gold for exports too’

November 13, 2017

 

Iran and Turkey are the only two countries in West Asia that import 22 karat gold jewellery.

 

Kolkata: Exporters have demanded that the government make hallmarking mandatory for 21 karat gold jewellery sold to West Asian nations. The demand comes in the wake of the government announcing that hallmarking will be mandatory for 14, 18 and 22 karat gold jewellery from January 2018.

 

The government should make hallmarking mandatory for exporters as well, Pankaj Parekh, former vice-chairman of the Gem and Jewellery Export Promotion Council told ET. “At present, 21 karat gold jewellery exported from India to the Gulf region is hallmarked and tested by the importing countries,” he said.Iran and Turkey are the only two countries in West Asia that import 22 karat gold jewellery. In 2016-17, the major export destinations for the industry were the United Arab Emirates, which accounted for 32% of the total exports, followed by Hong Kong at 30% and the USA at 23%.Parekh said that although Indian gold jewellery is appreciated the world over, the question arises regarding the purity of gold used in the jewellery. “While making hallmarking mandatory for jewellery exports is a necessity of the hour, the government should also take proactive steps to be part of the Vienna Hallmarking Convention,” he said.

 

At present, 19 countries are part of the convention. According to the framework of the convention, articles bearing the Convention Common Control Mark (CCM), together with the national Assay Office Mark, the responsibility mark ( the manufacturer or sponsor) and the fineness mark indicating its purity, do not have to be hallmarked again upon import in a PMC (precious metal convention) contracting state. The convention thus considerably enhances market access for CCM articles of precious metals.Sabyasachi Ray, executive director of the Gem and Jewellery Export Promotion Council, said: “We have made representations to the BIS for making hallmark mandatory for exports. But nothing has yet come through.”

 

A carat is a unit of weight. It is used to describe diamonds and other precious gemstones such as rubies and pearls. One carat is equal to 200 milligrams or 0.2 gram. On the other hand, a karat is a measure of purity when referring to gold. Pure gold is known as 24 karat gold.Harshad Ajmera, president of Indian Association of Hallmarking Centre, said there are enough hallmarking centres in the country to handle the volume of gold sold in the country as well as exported. At present, there are 500 hallmarking centres in India, he said, with greater concentration in cities than in districts.

 

Source: https://economictimes.indiatimes.com

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