RAPAPORT… Gold jewelry and artifacts intended for export by Indian members of the trade have received an exemption from mandatory hallmarking rules.
The Bureau of Indian Standards (BIS), a department of the government that deals with consumer affairs, has also relaxed the requirements for gold products headed for international exhibitions, the Gem and Jewellery Export Promotion Council (GJEPC) said Tuesday. Domestic business-to-business shows that have been approved by the government, as well as special categories of Indian jewelry, such as kundan, polki and jadau, have also received an exclusion.
“The new BIS guidelines will make the hallmarking policy in line with the FTP [Foreign Trade Policy] and also ensure ease of doing business for exporters, as hallmarking is an Indian consumer-specific regulation, and exporters have to comply with the hallmarking regulations of the country to which the goods are exported,” said GJEPC chairman Colin Shah. “The amendment will provide [a lift] to the gold-jewelry trade and further boost…exports from India in the new year.”
When selling to consumers in India, however, these companies will still have to hallmark their gold jewelry, the GJEPC noted.
The announcement follows numerous requests by the Indian jewelry industry to revise its June 2021 dictate on mandatory hallmarking for all gold jewelry.
“We are in deep gratitude to the government, [which] has been extremely cognizant of our demands and has always boosted our growth,” Shah added. “I am hopeful that this momentum continues, and we are all set to enter the new year with new spirit and zeal to help us achieve our goal of $41.75 billion in exports for the [coming] year.”
Image: Gold jewelry. (Shutterstock)
Source: diamonds.net Rapaport