Call for regulation to limit fake gold flooding the market, Retail News, Retail ET

Calling for rules to limit the market flooding with fake gold

India is the second largest gold consumer in the world jewelry The market is at risk of buying signature counterfeit gold flooding the market, leading jewelers and industry bodies have warned.

The purchase has notified the government and is awaiting regulations to limit the availability of marked imitation gold jewelry on the market.

“Wearing” Bureau of Indian Standards (BIS) was required to stick labels in retail stores of gold jewelry, counterfeit jewelry with labels still circulated in the country. Jewelry made with gold smuggled in illegal jewelry manufacturing centers is marketed in retail with counterfeit marks. Such gold is sold at a discount of ₹200-300 per gram. This is a huge challenge for legitimate and ethical jewelry businesses,” he said. Congressman AhammedPresident, Malabar Gold & Diamonds.

Due to the increased import tax on gold, a large amount of smuggled gold flooded the domestic market and was turned into jewelry in illegal jewelry manufacturing centers. Because of this, the government finally lost Income Tax worth billions of rupees every year. Counterfeit signs also deceive consumers into buying jewelry made of impure gold.


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