The Indian government has issued rules on finesse for gold jewelry and artefacts in response to requests from industry leaders to ease the export of gold jewelry.
India is one of the world’s largest diamond and jewelery producing and exporting countries, with sales of approximately US$40 billion.
The order, issued by the Bureau of Indian Standards (BIS) on December 24, applies to gold jewelry destined for international exhibitions, as well as gold products for export and re-import in accordance with the “Regulations of Foreign Trade”.
The guidelines also covered three locally recognized specialized jewelry designs and techniques – Kundan, Polki and Jadaau.
However, “full cut” diamond jewelry is not subject to the exemption amendment.
According to Colin Shah, Chairman of the Gem & Jewelery Export Promotion Council, “The new BIS rules will bring hallmarking policy in line with FTP and also make it easier for exporters to do business as hallmarking is a specific regulation for Indian consumers and exporters must comply with branding rules of the country to which the goods are exported.
He explained that the amendments to the hallmarking policy will strengthen India’s gold jewelry trade and boost exports in the coming year.
“We are deeply grateful to the government, which has been very attentive to our requirements and has always contributed to our growth,” Shah said.
The policy change is also expected to help meet the industry’s 2021-2022 export target of $41.75 billion.
Gold marking has been made mandatory in India – similar to the practice in the United Kingdom and jewelry-producing countries – to identify provenance and increase consumer confidence in jewelry.