Friday, 4th January 2008 (2959 views)

A rule that was to see the mandatory hallmarking of gold jewellery in India has been deferred, it has emerged.

Originally intended to be implemented on January 1st 2008, it has been announced that further discussions are to take place before the rule is actioned.

Consumer affairs secretary YS Bhave told Reuters: "It has been deferred. We are not implementing it from January 1st."

Reportedly, the gold jewellery association required further discussion before the law was implemented.

Concern about loopholes that could result in the slowing of gold business was said to have prompted the deferral.

Reuters points out that India accounts for some 30 per cent of world gold sales, so ensuring the effective implementation of this law is crucial.

The Times recently reported that sales of gold in India are reaching record levels as the country's economy booms.

Indian women in particular tend to purchase substantial amounts of gold jewellery, the report observed.

 

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