The Bureau of Indian Standards (BIS) is currently working on creating unique identification tools for each labeled jewelry that is sold by registered jewelry companies, and through recognized BIS marking centers, said CEO Sunil Soni at a recent meeting of the Association of Chambers of Commerce of India (Associated Chambers of Commerce and Industry of India, ASSOCHAM).
"We want each branded product to be assigned a unique number, which will help avoid duplication and improve the tracking of their turnover. Now we are trying to develop an appropriate mechanism in conjunction with the associations of labeling centers and jewelry companies, "Sony said.
In India, there are over 13,000 licensed jewelers registered with BIS, and more than 300 product marking centers. Sales of labeled jewelry from gold are growing at an average of 25% per year, and last year they reached 260 million rupees.
The gold reserves in India are estimated at 22,000 tons, which exceeds the amount of a trillion US dollars. Due to a number of social and economic factors, gold remains the most popular asset among the Indian population, despite a number of government-imposed restrictions on the supply of yellow metal.