Chain reaction: 9kt gold jewellery hallmarking to be made compulsory

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₹68,000 per 10 grams, while that of 9 KT gold ranged between ₹25,000 and ₹30,000 per 10 grams. The rise in demand for low-karat gold jewellery comes amid an increase in chain-snatching incidents. According to the National Crime Records Bureau (NCRB), India witnessed a significant spike in 2022, with the numbers rising to 9,278—a 32.54% increase - from 7,000 in 2021.

“Though, being an export promotion council, we have a limited role in this matter. However, it's a welcome move, as consumers have the right to a certified gold product," said Naval Agarwal, convener of the Jewellery Panel Committee of the Gems and Jewellery Export Promotion Council (GJEPC). “We are not opposed to the mandatory hallmarking of 9KT gold items," Agarwal said.

“Earlier, the market was dominated by 22KT, then it shifted to 18KT, and now the major market has shifted to 14KT. There is a possibility that the market will further shift towards 9KT as it is becoming popular among consumers due to its affordability. We are introducing mandatory hallmarking of 9 KT to protect the interests of consumers," the second person said.

"Currently, major retailers stock only minimal amounts of 9KT gold items. However, once mandatory hallmarking is implemented, they will be required to carry a more substantial selection on their shelves. This will significantly benefit consumers by increasing the availability of affordable, certified gold products," this person said.

Queries emailed to consumer affairs ministry, BIS and Retail Association of India remained unanswered till press time. The demand for gold is expected to pick up in the second half of the year when a series of festivals kick in. India is a major importer of gold.