Business Daily from THE HINDU group of publications
Sunday, Dec 02, 2007
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Business Daily from THE HINDU group of publications Sunday, Dec 02, 2007 ePaper | Mobile/PDA Version |
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Gold & Silver Industry & Economy - Standards & Benchmarks Marketing - Regulatory Bodies & Rulings No glitter: Jewellers facing gold purity test The Government found in a random check for gold purity across India that 146 out of 162 samples it had collected were short on karatage. 
Moumita Bakshi Chatterjee New Delhi, Dec 1 If you have bought gold recently, chances are that you may have been short-changed on the purity of the precious metal. Alerted by Government statistics that out of 162 samples collected nationwide, as many as 146 have fallen short of purity standards, the Monopolies and Restrictive Trade Practices Commission (MRTPC) has launched a probe into the issue of jewellers selling gold of lower purity than what they officially claim. The Commission took note of a recent newspaper advertisement issued by the State-owned Metals and Minerals Trading Corporation (MMTC) and leading private jewellery house Gitanjali which warned consumers to stay clear of the increasing number of “unscrupulous dealers who were indulging in under-karatage of gold jewellery”. Under-karatage refers to sale of gold of a lower purity than what it is stated to be. Based on this advertisement, MRTPC has asked the Director-General of Investigation and Registration (DGIR) — the investigation arm of the Commission — to probe the matter. The MMTC advertisement had referred to a report by the Ministry of Consumer Affairs, which found during a random check for gold purity across India that 146 out of 162 samples it had collected were falling short on karatage. Only 10 per cent samples passed the test, with the shortfall in purity ranging from 13 per cent to as much as 45 per cent. In the Delhi market, none of the samples checked passed muster. “The commission ordered a probe into the issue late last month. While DGIR had been given 90 days to investigate, much depends on the time taken by various parties to furnish their responses,” sources pointed out. For its investigation, DGIR is expected to collect inputs from MMTC, Bureau of Indian Standards (BIS) and various jewellers on the katarage issue. In 1999, the MRTPC had investigated the authenticity of gold and silver prices in the market after noticing blatant differences in the rates quoted in various newspapers and those being charged by gold dealers. The authorities had then launched a major investigation into the bullion trade for alleged unfair trade practices in fixing price. The Government has in the last few years initiated moves to make hallmarking of jewellery an accepted norm so as to provide a level of comfort to gold buyers. Hallmarked jewellery offers consumers an idea about the proportionate content of precious metal. BIS hallmarked gold jewellery More Stories on : Gold & Silver | Standards & Benchmarks | Regulatory Bodies & Rulings
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