GoDubai
  
  
  
  
Citylife > Press Release
  Home Contact us Add to Favourites
Most Recent Postings
More Press Releses
Featured Sections

Event Finder
A daily roundup of exhibitions, promotions and other events in Dubai and the rest of the Emirates.
Submit an Event
Latest Dubai Press Releases >>

    Share

(Authored by M. P Ahammed Chairman, Malabar Gold & Diamonds)

June 17, 2021:  Successive government have brought many laws to ensure that the rights of consumers are non-negotiable. The hallmark of the Consumer Protection Act, 1986 passed by the Indian Parliament is to legally ensure cent percent value for money for the buyers of any articles of consumption.  It is against this backdrop one should see the hallmarking for gold and gold articles made mandatory by the Government last year.  The law will come into force from June 16 (Wednesday).


It goes without saying that the mandatory mandate to hallmark gold and gold articles may put an end to the practice of cheating consumers by scruple less sellers pushing inferior quality products to buyers under the subterfuge of lower prices.  Hence, the law should be treated as a watershed moment in ensuring consumers' right for buyers of gold articles as now they have an insurance against being duped by sellers.  The Government, under the Consumer Protection Act is duty bound to legally protect the interest of buyers. By making hallmarking compulsory, the Government now ensures the best interest of buyers of gold and gold articles as the law protect their rights with a legal mechanism in case of some traders trying to cheat them. 


To put things in perspective, Jewellers mix metals like zinc, silver etc with gold to ensure the durability of the ornaments since gold as a metal is fragile and is susceptible to breaking. Based on the quantity of other metals present in the gold, the Bureau of India Standards (BIS) categorises the gold into 18 carat, 22 carat etc with each category denotes the purity of gold.  To ensure 22 carat purity, the law stipulates that each gram of ornament should have 91.6%gold.  For 18 carat the norm is 75% and for 14 carat the mandatory gold content is 58.5%.


Though these quality stands were there for quite some time, these best practices were not practiced widely. It is to ensure that these standards stipulated by BIS are observed without fail that the Government is now making hallmarking compulsory.  To provide hallmarking certificates the Government has authorised numerous private agencies to test for the purity and give certificates. Every hallmarked article should have the BIS hallmark label along with purity of gold clearly mentioned.  Besides, names of the hallmarking agency and jewellery are also compulsory. Because of these labelling, in case of any foul play, the law enforcement agencies can trace the culprits easily.  In the future, besides BIS hallmarking, the articles will carry a six digit unique identification number (HUID).
By making hallmarking mandatory, the consumers stand to benefit at three levels. The first and foremost is that consumers can rest assured about the purity of gold they buy. Second benefit is the higher resale or exchange value of gold articles since no one can reduce the prices of hallmarked gold citing low quality as an alibi.  Legal protection to buyers of gold and gold articles is the third benefit.


As chairman of Malabar Gold and Diamonds, I can talk volumes about how consumers were being duped by some jewellers by pushing low quality gold articles. To ensure that our customers get 100 per cent value for the money, we have been selling only BIS hallmarked gold, for the past 21 years.  Such a principled stand helped us to grow in business in leaps and bounds in the past. Currently only 30% of jewellers are selling BIS hallmarked gold. More, there are instances of jewellers cheating customers by selling duplicate hallmarked certificate aided and abettedby illegal certification agencies.  Therefore, the Government should regularly inspect all the agents involved in hallmarking process to prevent any circumvention of law.


There are complaints from certain quarters that there are not sufficient numbers of agencies to certify the purity of gold.  This is not correct.  In fact, there are 965 hallmarking centres in the country and incidentally most of them are not functioning to their full capacity now.  If their services were utilised then there will not be any issues in getting hallmarking certificates. Hallmarking will also put an end to the widespread practice of smuggling of gold into the country through illegal means.  If the Government roll out the e-governance and tracking facilities, they will ensure compulsory hallmarking by everybody, thus putting an end to the illegal gold trade. The six number unique identification number, once implemented, will ensure compulsory hallmarking of all gold articles by all.


Hallmarking will also benefit gold jewellers immensely.  By selling pure gold, they could gain the trust of their customers and thus grow in business.  Hence the entire industry should support the Government move to make hallmarking compulsory.

 



Posted by : GoDubai Editorial Team
Viewed 8553 times
Posted on : Thursday, June 17, 2021  
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of GoDubai.com.
Previous Story : Titan Watches Launches Magnate Collection for the Discerning Dad
Next Story : Tanishq Reiterates Promises and Commitment to Regional Customers
Email this article Print this article

Share this article with your friends and followers
NewsVine

Comments

Back to Top  
Most Viewed Press Release posted in the last 7 days
Standard Chartered Global Focus Q3 2021: Navigating a Vulnerable Recovery
Aesop's Parsley Seed Essentials - Your New Skincare Routine Favourites
Sunsets to Remember @ OSH with 50% off!
Herman Miller and Knoll Announce New Name: MillerKnoll
British-Born MG Motor Gains in Popularity during the first half of 2021 in the M...
You Know About the Diamond 4cs, but There Is Another ‘c' You Should Know About —...
Samsung Announces Exclusive Odyssey G9 Curved offer for UAE Consumers through th...
Sony Middle East & Africa Introduces the New Interchangeable-Lens Camera Alpha Z...
FW 21 WEEKEND / MAX MARA
Al Fardan Exchange Joins Forces With Empay's Contactless Ecosystem in Landmark D...
MAX&Co. FW21
Dubai-Based King Group Hospitality Expands Portfolio that will Boost UAE's Dh55 ...
Time with Michael Phelps
SEHA Introduces Specialized Saturday Clinics Across the Network
Back to the Office with CATRICE
ADU Welcomes more than 50 High School Students to the “ESTEDAD” Enrichment Bootcamps
Zoho to make Zoho Invoice Free of Charge to Empower SMEs to Rebuild and Grow
Jaguar Racing ‘Clones' Takeover Iconic London Underground Ahead of Heineken Lond...
ABB to Present Sustainable Solutions at Dubai EXPO 2020
Thought Series – The “True Knowing” and “Genuinely Being” Syndrome
11th Edition of SIAL Middle East and Abu Dhabi International Date Palm Exhibitio...
Live from BMW Welt: The Esports Industry Assembles Virtually at BMW Esports Boos...
Empower Awards Construction Contract Worth AED 133 Million for its 32,000 RT Dis...
5th Al Dhaid Date Festival begins at Expo Al Dhaid
Dubai's Best Activities for Summer 2021
Emirates Integrated Telecommunications Company Reports Q2 2021 results
My Take On FTH's Vegan Meat Range From Future Farms
Breathe Easy with the New Ranges from Crate & Kids
McLaren Racing Launches Multi-Year Partnership with Stanley Black & Decker
4 Memorable Holiday Ideas For Eid-Al-Adha
Push Start! - OMEGA
Sharjah Chamber, South Korea Explore Fostering Economic Ties
Early Detection is Key to Treatment of Hepatitis: says MoHAP on World Hepatitis Day
Galaxy Ecosystem Excellence Emphasized through the Galaxy Tab S7 FE's Brilliance
Hyundai Motor Group Honorary Chairman Mong-Koo Chung Inducted Into Automotive Ha...
EAD and Wetlands International Launch a New Online Portal for the World's Waterb...
Dubai Summer Story Contest Challenges Creatives to Produce Ultimate DSS Video an...
Airbus Reports Half-Year (H1) 2021 Results
Updates for BMW R 18 and R 18 Classic
Union Coop Holds 4 Virtual Training Courses for 350 Employees
Dubai Islamic Bank First Half 2021 Group Financial Results
Middle Eastern Medical Students at St. George's University Secure US Residencies
Commvault Announces Fiscal 2022 First Quarter Financial Results
The Next Era of Smartphone Innovation is About to Unfold
Canadian Specialist Hospital, KEF Healthcare sign MoU to Open Centre for Cardiac...
NBQ Announces First Winner of the AED 25,000 Summer Travel Promotion
Foreign Exchange Brokers and How to Take Advantage of them
Under the Directives of His Highness Sheikh Saud bin Saqr Al Qasimi, Ras Al Khai...
Defender Goes Rallying: Bowler Transforms Reborn Icon for 2022 Challenge Series
Etihad Rolls Out IATA Travel Pass To Seven Cities Following Successful Trials