How pure is gold bought during festival & wedding rush? 5-point action plan being designed, say sources
Gold Hallmarking, Pure Gold, 24 Carat Gold: Have you ever wondered what if you are not getting the promised purity of gold especially during high demand periods characterised by a rush of festivals or weddings? If yes, this news is for you.
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04:26 PM IST
Physical Gold, 24 Carat Purity Gold: The government is learned to be working on a five-point action plan to ensure the genuineness and purity of gold sold in the domestic market, in order to ensure that consumers are not cheated, people in the know of the development told Zee Business. Typically, demand for precious metals rises significantly around the festival or wedding seasons, leading to a spike in the prices of jewellery, and other gold and silver and related products. Every year, this period starts in October-November and lasts till January-February, when consumers flock to brick-and-mortar stores and e-commerce portals to indulge in discretionary and luxury purchases like jewellery.
‘Inferior quality gold amid high prices, especially during the peak of weddings, is double cheating for the consumer. Hence, the five-point action plan is being devised,” said the sources.
ALSO READ: Catch latest gold and silver prices
5-point Action Plan on the Cards to Curb Inferior Gold Sales During Festivals & Weddings?
The action plan will ensure the following, according to sources:
- Strict Scrutiny of Hallmarking
- Corrective action on fake hallmarking centres
- Information likely to be collected from jewellers and sales data
- Strategies and teams to investigate specific inputs
- A special awareness campaign on the cards
The sources also said that government departments are in the middle of gathering data on the matter.
ALSO READ: Govt considering mandatory hallmarking for silver after consumer demands
What's with gold and record highs?
Currently, gold prices are near a recent record high, supported by tensions in the Middle East and uncertainty around global trade. Domestic gold futures scaled an unprecedented Rs 89,000 mark this week.
Analysts expect volatility in the yellow as well as white metals to persist in the short term, mirroring see-saw moves in the dollar index and updates on the Donald Trump administration’s trade tariff-related moves and retaliatory action by the United States’ major trade partners. In the international market last week, spot gold crossed the psychologically important $3,000 per ounce mark for the first time ever.
ALSO READ: Gold hits new summit of Rs 89,000 per 10 gm on MCX mirroring international price trend
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