Government Expands Gold Hallmarking to Include 9 Karat Gold

In a significant move to boost consumer interest in gold jewelry amid soaring prices, the Indian government has officially notified hallmarking standards for 9 karat gold. This decision marks a departure from the previous standards that only allowed hallmarking for gold in 24, 23, 22, 20, 18, and 14 karats.

Impact on Rural and Urban Markets

The introduction of 9 karat gold hallmarking is expected to significantly benefit rural areas, where budgets for gold jewelry purchases are lower. Urban centers, particularly younger consumers, are also likely to find 9 karat jewelry more accessible due to its affordability.

Current Gold Prices and Future Prospects

With 9 karat gold estimated to cost Rs 37,000 per 10 grams, it presents a more affordable option compared to 24 karat gold, which was priced at Rs 97,828 per 10 grams. The move has been welcomed by jewellers, especially ahead of the festive season, which traditionally sees a surge in gold jewelry demand.

Design Innovations and Export Potential

Lower karat gold is opening up new design possibilities, with modern designs coming out smartly in 9 karat gold. Hallmarking is expected to not only enhance customer trust but also strengthen India’s gold jewelry export potential.