40 crore pieces of jewellery hallmarked since the introduction of the hallmarking process. Gold bullion to be soon hallmarked to further strengthen quality. - Nidhi Khare, Secretary, Consumer Affairs
“Hallmarking has revolutionized the jewellery industry by instilling trust and transparency. The mandatory implementation of the six-digit unique ID hallmarking system ensures quality, traceability, and consumer confidence across the entire value chain" said Ms Nidhi Khare, Secretary, Department of Consumer Affairs, Government of India. She said that the automation of hallmarking processes, such as the API-based integration of XRF data, represents a leap forward in quality assurance, streamlining operations, and enhancing efficiency for both jewellers and consumers. She was addressing the Gems & Jewellery Conference, organized by the Confederation of Indian Industry (CII) in New Delhi, which focused on the theme 'Mining & Manufacturing to Markets & Economy'.
She further said that the government is gearing up to make hallmarking mandatory for gold bullion, a move aimed at ensuring the purity of gold products and safeguarding consumers from potential quality issues. India has achieved a significant milestone with over 40 crore pieces of jewellery being hallmarked since the introduction of the hallmarking process.
She also said that the next frontier for India’s jewellery sector lies in creating aspirational global brands. Drawing inspiration from centuries-old European houses, Indian manufacturers must align their heritage with modern consumer preferences in different markets across the globe to leave a lasting imprint.
Mr Sabyasachi Ray, Executive Director, Gem & Jewellery Export Promotion Council (GJEPC) said "India's gems and jewelry industry has emerged as one of the most compliant sectors globally, adhering to high ethical standards and transparency through hallmarking, GST implementation, and the Kimberley Process for conflict-free diamonds.” He also said “the success of FTAs with the UAE and Australia exemplifies how strategic economic diplomacy can elevate the jewellery industry. By focusing on high-growth regions and reducing export duties, India is creating a conducive ecosystem for scaling up global trade."
Mr G R Anand Ananthapadmanabhan, Co-Chair, CII Task Force on Gems & Jewellery and Managing Director, GRT Group said “India is known for making quality products quickly and affordably, and lab-grown diamonds are no exception. They open up new avenues in the global jewelry market, especially among younger buyers."
Mr Jaideep Ahuja, Chairman, CII Delhi State and Managing Director & CEO Ahuja Residency Pvt. Ltd. said “India's gems and jewelry industry serves as a cornerstone of the Aatmanirbhar Bharat initiative, blending heritage with modernity to cater to both domestic and global markets while maintaining a competitive edge."
6 December 2024
New Delhi