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.
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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.
(More details will be added to the story shortly)