Indian Gold Book:Indian Gold Book - Gold Bars Worldwide

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HALLMARKING The Bureau of Indian Standards (BIS), the national standards body of India, launched its long-term scheme to encourage the voluntary hallmarking of gold jewellery in April 2000. Known as the BIS Certification Scheme for Hallmarking of Gold Jewellery, the scheme is supported by the Reserve Bank of India. It has 4 declared objectives: • Protect the consumer against irregular gold quality. • Support the export of gold jewellery. • Develop gold-based financial products to assist in mobilising dormant gold reserves in private hands. • Develop India as a reliable gold market centre commensurate with its status as the world’s largest national gold market. In early 2002, 12 Assaying and Hallmarking Centres had been authorised to service 275 Certified Jewellers. BACKGROUND Established in 1986, BIS falls under the administrative control of the Department of Consumer Affairs within the Ministry of Consumer Affairs, Food and Public Distribution. Its headquarters is in New Delhi, with regional offices in Mumbai, Kolkata, Chandigarh and Chennai, supported by branch offices in 17 other cities. The BIS scheme involves the authorisation of independent entities to act as Assaying and Hallmarking Centres, and the certification of jewellers (Certified Jewellers) to use the centres for hallmarking purposes. In the first 18 months, BIS has authorised 12 centres (in 9 cities) and certified 275 jewellers. Although most Certified Jewellers are retailers, fabricators and wholesalers can also be appointed. Plain gold jewellery has been hallmarked since June 2000, and gold jewellery incorporating diamonds since September 2001. The scheme is voluntary, and there is no obligation on Certified Jewellers to hallmark all the gold jewellery that they retail, fabricate or wholesale. As BIS receives no government subsidy, the hallmarking scheme (like all other BIS schemes) is obliged to operate as a business in order to cover its technical, administrative and promotional costs. Income is derived from charges levied on Hallmarking Centres, Certified Jewellers and each item of jewellery hallmarked. The hallmarking scheme is in line with the International Convention on the Control and Marking of Articles of Precious Metals (Vienna Convention). BIS expects that India will in due course become a member of the Vienna Convention so that articles hallmarked in India can be imported into member countries without further testing or marking. HALLMARKING CENTRES Hallmarking Centres are obliged to have a legal identity and an independent status. They may not be linked to any jewellery manufacturer or retailer, although they can be set up by a Jewellers’ Association provided that no office bearer is involved in day to day activities. BIS specifies rigorous procedures for the receipt, sampling, assaying and hallmarking of jewellery as laid down in IS (Indian Standard) 1417 (fineness and marking), IS 1418 (assaying methods) and ISO 9002 (receipt, sampling and hallmarking). Hallmarking Centres are audited at least twice annually by trained BIS assessors. A batch of jewellery is initially assayed for homogeneity using a touchstone. A minimum of 10% of the items is then scraped, cut or drilled to provide a composite sample for testing by fire assay or spectrometric assay. Hallmarks are applied by punch or laser. The centre is required to complete its assaying and hallmarking procedures within 48 hours of the receipt of the items. CERTIFIED JEWELLERS Jewellers are only certified if they adopt a system of quality management approved by BIS. Prior to its arrival at a Hallmarking Centre, each batch of jewellery items must also be checked for homogeneity and assayed in-house, and the caratage specified. BIS Certified Jewellers are required to display their BIS Licence Number. Hallmarked jewellery should be clearly differentiated from non-hallmarked jewellery in a separate showcase, or with a tag or label. Display materials should illustrate and define the components of hallmarks, as well as record the millesimal fineness of authorised caratages. A magnifying glass to enable customers to see the hallmarks should also be available. 132 AN INTRODUCTION TO THE INDIAN GOLD MARKET
HALLMARKS In accordance with BIS procedures, hallmarking is normally applied to all parts of the item that can easily be detached or replaced. An exception is made for bangles and light items - hallmarking need only be applied once. The height of the marks are either 0.5 mm or 1.00 mm. A hallmark comprises 5 compulsory symbols, illustrating the following: • BIS mark • Fineness • Assaying and Hallmarking Centre mark • Year of marking • Jeweller’s mark Fineness There are 6 defined levels of millesimal purity: 958 Corresponding to 23 carat 916 Corresponding to 22 carat 875 Corresponding to 21 carat 750 Corresponding to 18 carat 585 Corresponding to 14 carat 375 Corresponding to 9 carat Year of marking A letter of the alphabet, as designated by BIS, indicates the year in which the item was hallmarked. A 2000 B 2001 C 2002 PRICING BIS To recover its costs, BIS charges are currently as follows: HALLMARKING Hallmarking Centres pay a certification fee of Rs 40,000 that covers a 3 year period. They also pay a 10 % commission on all assaying and hallmarking charges incurred by Certified Jewellers. Certified Jewellers pay an annual certification fee of Rs 25,800. Hallmarking Centres Assaying and hallmarking charges are at the discretion of the Hallmarking Centre. They are usually based on the item’s weight. For example: Below 20 g Rs 50 per item Above 20 g Rs 75 per item The headquarters of the Bureau of Indian Standards is in New Delhi. AN INTRODUCTION TO THE INDIAN GOLD MARKET 133
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AN INTRODUCTION TO THE INDIAN GOLD
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INDUSTRY SUPPORT MAJOR SPONSOR CORP
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PREFACE An Introduction to the Indi
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ACKNOWLEDGEMENTS GIR FIELDTRIPS GIR
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Raman Jethi Ramchand Popley Ramesh
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SUMMARY AND POSITIVE FINDINGS BACKG
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SUMMARY AND POSITIVE FINDINGS To ma
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SUMMARY AND POSITIVE FINDINGS The a
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SUMMARY AND POSITIVE FINDINGS POSIT
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SUMMARY AND POSITIVE FINDINGS INDUS
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ROLE OF INDIAN GOVERNMENT The India
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ROLE OF INDIAN GOVERNMENT The Depar
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ROLE OF INDIAN GOVERNMENT OFFICIAL
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ROLE OF INDIAN GOVERNMENT In summar
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ROLE OF INDIAN GOVERNMENT GOLD CONT
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ROLE OF INDIAN GOVERNMENT LICENSED
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MAP OF INDIA There are 28 States, 6
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POPULATION URBAN AND RURAL State Mi
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POPULATION HOUSEHOLDS - SPLIT BY SO
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ECONOMIC INDICES STATES - INDICATIV
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AGRICULTURE VALUE OF AGRICULTURAL O
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AGRICULTURE MAJOR CROPS - NORMAL AR
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MONSOONS PERFORMANCE OF SOUTH WEST
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IMPORTED GOLD BARS The 10 tola bar
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IMPORTED GOLD BARS 10 TOLA BARS AGR
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IMPORTED GOLD BARS GOLD WEIGHT CONV
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The fine gold content of a London G
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BULLION IMPORTERS UNOFFICIAL IMPORT
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BANKS IMPORTED BULLION PRODUCTS Ban
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WHOLESALING TO DOMESTIC BULLION DEA
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BANKS BACKGROUND INFORMATION ON BAN
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BANKS GOLD CELL BRANCHES Region/Sta
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GOLD DEPOSIT SCHEME DISTRIBUTION Th
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GOLD DEPOSIT SCHEME The State Bank
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PUBLIC SECTOR UNDERTAKINGS BRANCHES
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Region/State City MMTC HHEC STC PEC
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NON-RESIDENT INDIAN (NRI) GOLD IMPO
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BULLION DEALERS A secondary tier bu
Page 83 and 84: GOLD REFINERS SMALL REFINERS There
Page 85 and 86: COIN FABRICATORS Corporate gifts Al
Page 87 and 88: COIN FABRICATORS A bullion dealer t
Page 89 and 90: BAR HOARDING Some trade entities in
Page 91 and 92: BULK DELIVERY OF OFFICIAL GOLD IMPO
Page 93 and 94: BULK DELIVERY OF OFFICIAL GOLD IMPO
Page 95 and 96: PERSPECTIVE INDIA The gold jeweller
Page 97 and 98: GOLD JEWELLERY PRODUCTS Handmade je
Page 99 and 100: REGIONAL JEWELLERY STYLES KOLKATA K
Page 101 and 102: REGIONAL JEWELLERY STYLES AHMEDABAD
Page 103 and 104: REGIONAL JEWELLERY STYLES SWAMI JEW
Page 105 and 106: JEWELLERY FABRICATORS All centres,
Page 107 and 108: JEWELLERY FABRICATORS JEWELLERY WHO
Page 109 and 110: TRADITIONAL JEWELLERY RETAILERS Sta
Page 111 and 112: TRADITIONAL JEWELLERY RETAILERS Coi
Page 113 and 114: TRADITIONAL JEWELLERY RETAILERS ANT
Page 115 and 116: TRADITIONAL JEWELLERY RETAILERS Man
Page 117 and 118: ADORNMENT DIMENSION Gold jewellery
Page 119 and 120: GOLD JEWELLERY CONSUMERS MARRIAGES
Page 121 and 122: GOLD JEWELLERY CONSUMERS Among larg
Page 123 and 124: GOLD JEWELLERY CONSUMERS RURAL VERS
Page 125 and 126: GOLD JEWELLERY CONSUMERS Gold jewel
Page 127 and 128: GOLD JEWELLERY CONSUMERS INDICATIVE
Page 129 and 130: LUNAR CALENDAR Mumbai (Maharashtra)
Page 131 and 132: BRANDED JEWELLERY RETAIL CHAINS DIS
Page 133: Region/State Gili Tanishq Carbon In
Page 137 and 138: HALLMARKING Most jewellery in the W
Page 139 and 140: SOURCES OF GOLD BULLION Jewellery e
Page 141 and 142: Location US dollars in millions % S
Page 143 and 144: Plain gold jewellery Location US$ m
Page 145 and 146: INDUSTRIAL GOLD USAGE Since the rep
Page 147 and 148: INDUSTRIAL GOLD USAGE IMITATION GOL
Page 149 and 150: MUMBAI GOLD PRICES Indian gold pric
Page 151 and 152: MUMBAI GOLD PRICES INDICATIVE DIFFE
Page 153 and 154: MONTHLY 2000 - 2001 2000 MUMBAI LON
Page 155 and 156: PRICING AND PROFITABILITY Bank impo
Page 157 and 158: Recycling of old gold scrap and bar
Page 159 and 160: JEWELLERY WHOLESALERS Jewellery who
Page 161 and 162: Hallmarking charges The few hundred
Page 163 and 164: PRICING AND PROFITABILITY MINTED CO
Page 165 and 166: GOLD MINING AND EXPLORATION For 36
Page 167 and 168: Year Tonnes Year Tonnes 1970 3.241
Page 169 and 170: GOLD SUPPLY AND DEMAND Movements in
Page 171 and 172: GOLD SUPPLY AND DEMAND The trade at
Page 173 and 174: For the domestic market 1990 - 2001
Page 175 and 176: GOLD SUPPLY AND DEMAND INDICATIVE G
Page 177 and 178: GOLD SUPPLY AND DEMAND INDICATIVE A
Page 179 and 180: WORLD GOLD COUNCIL The World Gold C
Page 181 and 182: WORLD GOLD COUNCIL TRADITIONAL GOLD
Page 183 and 184: WORLD GOLD COUNCIL LOCAL FESTIVALS
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WORLD GOLD COUNCIL YOUNGER GENERATI
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Indian Overseas Bank Precious Metal
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REFINERS AND COIN FABRICATORS WEST
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BIBLIOGRAPHY Agricultural Statistic
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ABOUT GRENDON INTERNATIONAL RESEARC
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