Even as the gems and jewellery industry welcomed the government's decision to extend the compulsory hallmarking, jewellers feel it's not enough to liquidate the current stock and they need a minimum one-year time.

In view of the coronavirus pandemic, the government on Monday announced the extension of a deadline for mandatory hallmarking of gold jewellery and artefacts by over four months till June 1, 2021.

"We welcome this decision to give extension on mandatory hallmarking of gold jewellery and artefacts. However, we have been requesting for a one-year extension. Practically, there are no sales taking place and unless we sell, we cannot replace our stock with hallmark gold," All India Gem and Jewellery Domestic Council Chairman Anantha Padmanabhan told PTI.

He said the association, together with other jewellery bodies, will again make a representation to the government raising these concerns.

"By September we expect to replace 70-80 per cent of stocks with hallmark items. With sales going slow we need time, especially the small jewellers, of at least one year to replace all our stocks. We will approach the government again with a representation to extend the time in this regard to January 2022," he added.
Consumer Affairs Minister Ram Vilas Paswan on Monday told reporters that this decision was taken on the behest of jewellers, who had urged for extension.

"Jewellers had made a request to extend the time. We have extended the deadline from January 15 to June 1, 2021, in view of the disruption in the wake of the COVID-19 crisis," Paswan said.

Courtesy- The ET Retail