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- Title
Research Notes Hallmarking: An Accreditation of Gold.
- Authors
Goyal, Terjani
- Abstract
Jewellery in India is considered to be most culturally adorned, the Indian people have a great fascination for gold as a form of adornment & status symbol. Gold jewellery is a symbol of wealth, status and good fortune. Indians have a passion for gold a foundation of wealth and saving but consumer protection is not assured, cheating on caratage is a widespread problem. Indian consumer is very often a victim of irregular metal quality. Until the late 1980s the hold of traditional jewellers was much predominantly seen in the Indian gems and jewellery market and it was only purchased from traditional jewelers later in 90's with the abolishment of Gold Control Act a lot of jewelers mushroomed in various parts of the country and since the price of gold was fixed, the gold jewelers tried to compromise on purity of the jewellery which resulted in cheating on caratage as a major issue. The major fraud are those of adulteration by the addition of too much alloy, as of gold or silver, articles externally of standard fineness but with base metal cores. These frauds continued till Hallmarking Scheme was launched by BIS. As a bold step against these mal practices government of India with identified Bureau of Indian Standards (BIS) an agency to operate the Hallmark scheme and launched the same on 11th April 2000 with the objective of Consumer Protection, enhancing exports, improving the quality and purity of gold jewellery produced and to monitor any loss to the economy due to the improper caratage. The key trends in the jewellery market of India are the changing taste and preferences of the consumers, festive season sales, emergence of new distribution channels and inclination towards branded jewellery. India consumers are now beginning to move towards branded jewellery and they have accepted the modern retail formats. In this paper the focus has been given on details information about hallmarking which confirms the purity of gold and major reason for the inclination of consumers towards branded jewellery. The paper discusses the components of Hallmark and also the perception and consumer awareness about gold jewellery in hallmarking while purchasing gold.
- Subjects
INDIA; JEWELRY; CONSUMER protection; JEWELERS; ALLOYS
- Publication
Amity Management Review, 2017, Vol 6, Issue 1, p71
- ISSN
2230-7230
- Publication type
Article