The government is considering making hallmarking of gold bullion mandatory and is also working on new rules for lab-grown diamonds to safeguard consumers, according to Consumer Affairs Secretary Nidhi Khare. Speaking at the CII Gems and Jewellery conference, she stressed the importance of protecting consumers by ensuring they receive high-quality and accurate products.
Khare pointed out that the gems and jewellery sector plays a crucial role in the economy, contributing significantly to exports and employment. She also highlighted the successful rollout of mandatory hallmarking for gold jewellery and gold items, which began on June 23, 2021.
Over 40 crore pieces of gold jewellery have already been hallmarked with a unique HUID, helping to build trust and transparency for consumers. Khare mentioned that there is now a proposal to make hallmarking of gold bullion mandatory, which is under consideration.
She explained that many jewellers, when importing gold, are often unsure about the quality of the gold they receive or purchase. This makes it essential to ensure that the entire process, from import to sale, is accurate, honest, and reliable.
Khare also noted that India’s gems and jewellery market is expected to grow significantly, with a projected value of USD 134 billion by 2030, up from around USD 44 billion in 2023. Additionally, India is the second-largest gold exporter worldwide, contributing about 3.5% to the country’s total exports.
The government recognizes the importance of this sector and has prioritized it for export promotion. On the topic of hallmarking, Khare said the number of registered jewellers has now reached approximately 1.95 lakh, and the number of Assaying and Hallmarking Centers (AHCs) has surpassed 1,600 since the initiative began.
Khare also mentioned that the Consumer Affairs Department is working on regulations for lab-grown diamonds, which are becoming increasingly popular. These regulations aim to protect consumers who are purchasing more expensive natural diamonds.
She encouraged the industry to push for wider recognition of Indian jewellery in global markets.
Sabyasachi Ray, Executive Director of the Gems and Jewellery Export Promotion Council (GJEPC), echoed Khare’s views, stressing the need for mandatory hallmarking of gold bullion to ensure the quality of raw materials.
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