Fake gold hallmark stamps may rise; GJC flags fraud risk for buyers
The All-India Gem and Jewellery Domestic Council has warned that rising hallmarking costs may lead to an increase in counterfeit gold stamps. Industry leaders are urging the government to lower fees, citing concerns that consumers in smaller cities remain vulnerable to fraud due to low awareness of verification tools.
Why it matters
Gold is a primary investment vehicle for many Indian households, and the integrity of hallmarking is essential for consumer protection and market trust.
Gold hallmarking, a sign that allows you to verify the purity of the gold you are purchasing, has become costlier. And, the fallout of that is that there is a possible rise in fraudsters who are selling gold with fake stamps.The increase in gold hallmarking charges has raised concerns within the industry that the higher cost could encourage unscrupulous jewellers to resort to counterfeit hallmarking stamps.The concern is being considered particularly relevant in tier-2, tier-3 and tier-4 cities, where consumer awareness remains limited.Gold hallmarkingConsumers bear the hallmarking cost when purchasing jewellery.
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