Big relief to jewellers on mandatory hallmarking
By IANS |
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Jewellery.. Image Source: IANS News
New Delhi, May 8 : The Nagpur Bench of Bombay High Court passed an interim order on May 7 which stops Bureau of Indian Standards (BIS) from taking any coercive action on jewellers across India or impose penalty on those who may not comply with BIA (BIS Act, 2016) regulations, Section 29(2) on mandatory hallmarking due to the lack of adequate infrastructure in terms of assaying and hallmarking centres.
The Court ruled: The contention is that the new regulation making it compulsory to hallmark gold jewellery before it is stored or sold, which has to come into force w.e.f. 1st June 2021, is likely to result in great hardships to lakhs of jewellers in India and their number is stated to be 5 lakhs.
Put off mandatory hallmark for gold jewellery: Jewellers - The Hindu BusinessLine thehindubusinessline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thehindubusinessline.com Daily Mail and Mail on Sunday newspapers.
2021-04-10 15:35:50 GMT2021-04-10 23:35:50(Beijing Time) Xinhua English
MUMBAI, April 10 (Xinhua) India s national apex body of gems and jewellery industry has sought relief from the country s western state of Maharashtra to operate during the COVID-19 lockdown for the second year ahead of a festive occasion next week.
The festive Gudi Padwa , considered as new year in the western state and by other names in the rest of the country as harvest festival or the solar new year, is viewed by Indians as auspicious for buying jewellery. The industry was seeing an upward graph but now with new lockdown restrictions in April, the livelihood of many craftsmen and self-employed jewelers will be affected and their families will suffer. The traditional Make in India indigenous gem & jewellery will not be able to survive one more lockdown as on-ground situation is really bad, said Ashish Pethe, chairman of All India Gem & Jewellery Domestic Council.
Gold demand drops up to 15% in metros in a fortnight on price volatility
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Synopsis Gold prices in India have declined by nearly 18% from all-time highs trading near Rs 46,000 per 10 gram in MCX witnessing additional pressure from rupee appreciation.
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Gold demand in the metros has declined by 10-15 per cent in the last fortnight compared to the previous fortnight due to volatility in the prices of the yellow metal. Prices of gold have fallen by 4.67 per cent in the last fortnight from Rs 49,000 per 10 gm to Rs 46,700 per 10 gm raising hopes among the consumers that there will be a further drop in prices in the coming weeks when they will make fresh purchases.