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| Tuesday, 26 February, 2002, 12:49 GMT India's gold jewellery rip-off ![]() Not all weddings have been 22-carat Most gold jewellery advertised in India as 22-carat is of a lesser quality, a survey by the Bureau of Indian Standards (BIS) has revealed. The BIS found over 80% of the shops surveyed were passing off anything between 13.5 and 18 carats as 22-carat gold.
Assistant Director General of the BIS, DR Kohli, told the BBC's World Business Report that jewellers can rip off consumers because hallmarks were only introduced for the first time last year. "We are now asking people to buy hallmarked jewellery only because then they can be sure of the quality they are buying," he said. "At present there are 300 jewellers who have gone in for certification, a very small percentage, but we are expecting as consumers are becoming aware they'll start asking for it and jewellers will be compelled to come for certification." India's gold standard India is the world's largest market for gold, consuming 855 tonnes a year, 95% of which is used for jewellery. The demand for gold rises during the wedding season - from December to May - apart from a one-month break from mid-December. The BIS tested gold jewellery sold in Calcutta, Bombay, Delhi, Bangalore, Madras, Ahmedabad, Hyderabad and Jaipur. Using a sample of fifteen shops in each city, the BIS found only 14 of the 120 sold gold as advertised. The survey's results have reportedly slowed gold sales. Demand fell by nearly 20% in the fourth quarter of 2001 to 185.1 tonnes. |
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