Buying gold? Now even 9 karat gold will be hallmarked; here's what you should know
Until now, the Bureau of Indian Standards (BIS) had permitted hallmarking only for gold in 24, 23, 22, 20, 18, and 14 karats.
The ministry of consumer affairs issued the notification on Friday, at a time when gold sales by volume have plunged by 60% in June, marking the steepest drop since the Covid-19 pandemic.
'We had been urging the government to introduce hallmarking of 9 karat gold for over a year. The government's decision will spur movement of gold in the rural areas where the budget for gold jewellery purchase is much lower than urban,' Surendra Mehta, national secretary of the India Bullion & Jewellers Association (IBJA) told ET.
He added that even in urban centres, younger consumers are likely to find 9 karat jewellery more accessible.
Estimated to cost Rs 37,000 per 10 grams, 9 karat gold is significantly more affordable than 24 karat gold, which was priced at Rs 97,828 per 10 grams on Friday.
Including the 3% Goods and Services Tax (GST), retail prices for 9 karat gold come to around Rs 38,110 per 10 grams, while higher karatages cross the Rs 1 lakh mark.
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The move received support from jewellers, especially ahead of the crucial festive season. Demand for gold jewellery traditionally usually surges from Rakshabandhan in August through Diwali, followed by the winter wedding season starting in November.
India consumes 800-850 tonnes of gold annually, with rural India accounting for nearly 60% of this demand, according to IBJA.
Gold prices have surged more than 25% over the past year, largely fuelled by global uncertainties following the Russia-Ukraine conflict.
As a result, many large jewellers have already started offering 9 karat options to attract cost-conscious customers.
Industry experts believe hallmarking of 9 karat jewellery will ease jewellers' working capital pressures, which have risen sharply due to the price hike.
'Many gold jewellery units have started shifting from manufacturing high karatage jewellery to 14 karat and 9 karat jewellery. The hallmarking for 9 karat jewellery will further boost this shift,' said a senior gold trade analyst, cited by ET.
Suvankar Sen, MD & CEO of Senco Gold, noted that lower karat gold is also opening up design possibilities.
Sen said that modern designs come out smartly in 9 karat gold, allowing for innovation. He added that hallmarking will not only enhance customer trust but also strengthen India's gold jewellery export potential.
Mehta added that the BIS will require about a month to put in place the necessary formalities across hallmarking centres nationwide to accommodate 9 karat gold.
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