Media Release
Bengaluru, Jun 16: Successive government have brought many laws to ensure that the rights of consumers are non-negotiable. The hallmark of the Consumer Protection Act, 1986 passed by the Indian Parliament is to legally ensure cent per cent value for money for the buyers of any articles of consumption. It is against this backdrop one should see the hallmarking for gold and gold articles made mandatory by the government last year. The law will come into force from Wednesday, June 16.
Speaking on this matter, MP Ahammed of Malabar Gold and Diamonds said, "It goes without saying that the mandatory mandate to hallmark gold and gold articles may put an end to the practice of cheating consumers by sellers pushing inferior quality products to buyers under the subterfuge of lower prices. Hence, the law should be treated as a watershed moment in ensuring consumers’ right for buyers of gold articles as now they have insurance against being duped by sellers. The government, under the Consumer Protection Act, is duty-bound to legally protect the interest of buyers. By making hallmarking compulsory, the government now ensures the best interest of buyers of gold and gold articles as the law protects their rights with a legal mechanism in case of some traders trying to cheat them."
"As chairman of Malabar Gold and Diamonds, I can talk volumes about how consumers were being duped by some jewellers by pushing low-quality gold articles. To ensure that our customers get 100 per cent value for the money, we have been selling only BIS hallmarked gold, for the past 21 years. Such a principled stand helped us to grow in business in leaps and bounds in the past. Currently, only 30% of jewellers are selling BIS hallmarked gold. Moreover, there are instances of jewellers cheating customers by selling duplicate hallmarked certificate aided and abetted by illegal certification agencies. Therefore, the government should regularly inspect all the agents involved in the hallmarking process to prevent any circumvention of the law."
"Hallmarking will also benefit gold jewellers immensely. By selling pure gold, they could gain the trust of their customers and thus grow in business. Hence the entire industry should support the government move to make hallmarking compulsory," he said.