Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us  
Google
Web www.equitybulls.com
Industry News

| More

All India Gems & Jewellery Trade Federation opposes Hallmarking certicard

Posted On: 2013-10-15 21:39:40


The All India Gems and Jewellery Trade Federation (GJF) has opposed the national standards body Bureau of Indian Standards proposal to issue a certicard for the jewellery retailers in metropolitan cities for every piece of jewellery sold. In a letter written to Hon. Minister of Consumer Affairs Mr. KV Thomas, GJF's Chairman Mr. Haresh Soni has called the proposed BIS Hallmarking move 'cumbersome', 'impractical', 'expensive' and 'time consuming' and earnestly requested the policy makers to take the jewellery industry into confidence while framing rules or changing them. GJF has always supported BIS initiatives in improving the Hallmarking system in India and has made several representations to the Ministry and Director General of BIS to explain some industry apprehensions on the matter.

Mr. Haresh Soni, Chairman, GJF, said, "GJF has always cooperated with BIS but the proposed move to make jewellers in metros issue a certicard with each piece of jewellery along with its photograph and unique identification mark is highly unviable and not customer-friendly. The cost of each piece of jewellery will increase due to the additional cost burden of Rs. 125-150 for issuing one certicard. In case of mass produced jewellery, it is impossible to hallmark each piece of jewellery and issue a certicard for each one of them."

Mr. Soni pointed it out to the Minister that "It is practically an uphill task for the jeweller to maintain thousands of such certificates in jewellery stores and retrieve the same at the time of delivery of the product to the customer. This process will in fact discourage the jewellers to avoid hallmarking jewellery as it is expensive and these Centres may also not follow the standard procedures, which may lead to unhealthy practices. This will put additional burden of vigilance on BIS. As discussed earlier, many Hallmarking Centres do not have the facility of Hallmarking but have been allotted licence and marking jewellery at their free will. In some case, A&H licence has been issued to jewellers, which will defeat the cause and purpose behind Hallmarking."

In his letter, GJF Chairman also pointed out to the Minister that BIS had formed two Committees to improve the Hallmarking system in the country but the first meeting of the above Committees were held separately on two different dates! Mr. Soni recommended that the two BIS Committees should be merged and a joint meeting should be held so as to get a complete picture of the situation on ground. Moreover, a key point here is that Hallmarking Centres should reject the jewellery in case if the jewellery is found of below standard.

Bachchraj Bamalwa, Director & ex-Chairman of GJF, said, "Certificates will surely bring trust. But trust for only metro consumers? Why does the government not implement the law across the country at one go? Metros constitute 25-30 per cent of jewellery sales. Attempts to sell even legitimate jewellery items bought elsewhere will be difficult even in consumers' urgent need of money. Hence, many consumers' emergency will be affected badly despite having adequate jewellery wealth in store. For jewellers, however, it will have a multiplier impact. They hold between 5,000-10,000 pieces of ornaments of various types in inventory every time in festival seasons. Certificate with every item would mean equal number of careful paper handling, which is impossible." The need of the hour is to tighten the bolts on hallmarking centres. Hallmarking process has to be completely overhauled before taking a step further. It is the hallmarking centres and the process which should be fine tuned. It is my earnest request to the Hon. Consumer Affairs Minister to take the hallmarking process in India to take it to the next level by making it mandatory for all hallmarking centres to be enable compliant so that a piece of jewellery hallmarked in India can be accepted by any other country in the world. It is not so at present. We firmly believe that jewellers and the industry can only survive if consumers are protected and we are determined to protect the consumers.

GJF has already unveiled the Trust Mark Model (TMM), a unique 'Business Excellence Model' initiative that will help G&J members to grow their business and become more efficient. The Trustmark is exclusively designed by ISOQAR for GJF. It is an exclusive model for business growth through implementation of systems & processes & practices for growth and managing risks.


Source: Equity Bulls

Click here to send ur comments or to feedback@equitybulls.com


Other Headlines:

Meesho Becomes the First E-commerce Marketplace to Offer Zero Percent Commission to Sellers

Media processing company Gumlet raises USD$1.6 million in funding led by Sequoia Capital India's Surge

Fino Payments Bank's QR code based UPI solution to drive P2M digital payments

CM Naveen Patnaik performed Inauguration/ Ground-breaking of 14 industrial projects worth INR 1,537.07 Crore

GO FIRST Marks a stellar growth in market share to 8.3%

Vikram Solar becomes India's largest module manufacturer with upto 2.5 GW capacity

Sales share of Noida and Greater Noida in NCR was 49% in H1 2021: Report

Light Microfinance garners US$ 10 million in Series-A funding

Zurich Airport International AG signs shareholder agreement for the development of Noida International Airport

Alstom begins manufacturing of modern commuter & transit trains for Delhi-Ghaziabad-Meerut RRTS project

FedEx Express and Delhivery Come Together to Unlock Cross-Border Potential in India

Bridgeweave launches AI-powered InvestorAi - Your Personal Investment Analyst

TO THE NEW becomes a Partner of Google Cloud Platform

RAIN Technologies proudly launches RAIN TRADER, a marketplace for fully automated, algorithmic investing and trading models

Safexpress launches its 62nd ultra-modern Logistics Park in Navi Mumbai

DBS Bank India grows profitability despite impact from amalgamation of Lakshmi Vilas Bank

Green Soul raises Rs 1.5 Cr in revenue-based financing from Velocity

Liberty General Insurance Launches #Liberty365

CapitaLand launches second S$400 million logistics private fund in India

SBM Bank India collaborates with Drip Capital to empower MSME Exporters

Flipkart Wholesale launches digital platform in Bihar

Tata Electronics and SASTRA University join hands to foster deep domain expertise in electronics design and manufacturing

PRIME Database and Acuité Ratings collaborate to offer a comprehensive database on credit rating migrations

Bharti Axa Life Insurance reports 10% growth in renewal premium for year ended March 31, 2021

ICAI Partnering MSMEs to Bolster them on Global Map

BANKIT's new business unit to offer customizable prepaid cards for MSMEs, startups and corporates

Pune attracted institutional investments of ~INR 9,600 crore during 2015-20; 77% accounted for offshore investors: JLL

NCML Announces Corporate Name Change to National Commodities Management Services Limited

Bharti AXA Life Insurance appoints Rahul Bhuskute as Chief Investment Officer

SVC Bank clocks record Profit of INR 150.21 Crore in FY 2020-21

64% of outdated Grade A office space in India presents an estimated INR 5,500 crores of untapped investment value: JLL

Compact office demand increasing in post-COVID scenario

Indian data center sector to require $3.7 billion of investment by 2023 to meet demand: JLL

Aluminium Industry reiterates urgency for 5% RoDTEP rate for economic sustainability

Cold chain logistics expected to grow by over 20% CAGR by 2025: JLL

Emerging trends in the consumer durables industry in the 'new normal' - Parag Kulkarni, MD, A. O. Smith India

Five Years of RERA have been transformational for the Realty Industry

Fino Payments Bank goes live with enhanced deposit limit of ₹2 lakh

Ageas Federal Life Insurance launches Saral Pension

Manipal Hosptials completes the acquisition of 100% stake in Columbia Asia Hospitals in India

Leading EV manufacturer Komaki Creates New Battery Technology that boasts of a blistering 220+ km range

Government of Odisha approves 9 new industrial projects worth INR 2570.54 Crore at the 100th SLSWCA meet

SIAM hosts 12th Lecture Series on Hybrid and Electric Vehicles in India: Development, Testing & Homologation

Top 5 Startups Fueling Innovative Financial Inclusion Solutions in India

Tech Trends that will Rule the Gaming Industry in 2021

LIC's Branding Rights of Andheri Metro Station, campaign executed by Times OOH

Bharat Biotech to expand COVAXIN® capacity to support vaccination campaigns in India and Worldwide

Lowering age to 18 yrs for vaccination, decisive step to restore confidence, says ASSOCHAM

Home Credit Partners with SEWA Bharat to restore livelihoods of nano entrepreneurs

Ascendas India Trust secures maiden S$100 million sustainability-linked loan from UOB


Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2020