Commodity Champions focuses on the new gold standard in the jewelry business that is characteristic. Unzen’s voluntary practice was made compulsory by the government last month to bring transparency to the sector and level the playing field.
According to the World Gold Council, there are 4 lakh jewelers in India, nearly 45,000 of which are certified. India’s gold and diamond trade contributed 7.5 percent to the country’s gross domestic product (GDP) and 14 percent to the country’s total exports of goods.
The country’s gem and jewelry industry, one of the largest in the world, accounts for 29 percent of global jewelry consumption. Given the size and contribution of this sector, the government’s attempt to seek transparency has been commended. However, there are concerns about the feasibility of the move and the hallmarked Unique Identification Number or HUID that each hallmarked piece of jewelry must be stamped with.
There are also concerns that smaller players can compete with such standards. Hallmarking is a norm around the world, but countries like China benefit from the practice.
How do India’s standards compare to these and will hallmarking harm or help retailers? Ajoy Chawla, CEO jewelry at Titan; Colin Shah, Chairman of the Gem Jewelery Export Promotion Council (GJEPC) and Somasundaram PR, MD India at the World Gold Council, discussed it.
For the entire show, watch the accompanying video.
(Edited by : Bivekananda Biswas)
First published: IS
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