With mandatory gold hallmarking set to be implemented in India from 1st June, 2021, the GJEPC in a representation to Shri Piyush Goyal, Minister of Consumer Affairs and Food & Public Distribution, Govt of India welcomed the decision but has sought clarity on certain issues pertaining to exports under the hallmarking provisions.
While the Hallmarking Order excludes exporters, the GJEPC has called on the authorities to “explicitly clarify that jewellers having transactions only in the export stream are completely excluded from the purview of the Hallmarking Order”.
The GJEPC chairman Mr. Colin Shah pointed out operational challenges brought on by the fact that all exporters maintain common inventory for both export and domestic streams. Shah noted that the storing of fully manufactured specified gold articles should not require compliance with the hallmarking provisions, except prior to domestic sale.
K Srinivasan, Convener, Gold Panel, GJEPC explained: “As Indian hallmarked articles do not have acceptance outside India, any legal interpretation that requires an exporter to comply with the hallmarking provisions wholly or partially, will increase the transaction costs in the export stream, making gem and jewellery exports unviable.”
Srinivasan also pointed out that purchases made by foreign buyers at domestic exhibitions like IIJS are tantamount to export sales and should therefore be outside the purview of the Hallmarking Order.