Jewellers under pressure to meet the new standards
A jewellery showroom in Mumbai, India. Picture: REUTERS/FRANCIS MASCARENHAS
Jewellers may find it difficult to fulfil orders during the peak festival season starting next month, as they are facing delays in getting their goods certified under the country’s new hallmarking standards. The new rules were introduced in June and jewellers will be fined for selling non-certified goods from September.
“Many of the centres are asking us to return with our goods some other day as they already have enough orders to process,” he said. “If the situation doesn’t improve in the next 15 days, then during the festivals of Dussehra and Diwali, supplies will be affected.”A supply bottleneck could weigh on a nascent recovery in sales.
“The slower purity certification process won’t drive up prices,” he said. “But the premiums, which dealers charge jewellers for gold supplies, may rise,” due to possible shortages during the festive period.
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