Change in gold hallmarking in India may indirectly benefit Dubai

Change in gold hallmarking in India may indirectly benefit Dubai

New government regulation mandates country's gold retailers to adhere to April 1 deadline

Published: Wed 8 Mar 2023, 6:00 AM Last updated: Wed 8 Mar 2023, 6:23 AM

Sale of gold jewellery and artefacts hallmarked without six-digit code that’ll be banned in India from next month, may indirectly benefit the Dubai gold and jewelle ry market by increasing the demand for high-quality certified gold.

Industry experts also highlight this new government regulation by the Indian government may make gold prices in the emirate, relatively more attractive for customers.

A statement made by The Ministry of Consumer Affairs, Food and Public Distribution recently, made it clear that effective from 1 April 2023, sale of only those gold jewellery and gold artefacts shall be permitted that have been hallmarked with six-digit alphanumeric HUID which is a unique identification number.

Allaying the worry of several expats based in the UAE, industry players say that the hallmarking change will also have no impact on gold brought into the UAE or on India-bound travellers.

Chirag Vora, Director, Bafleh Jewellers says, “The new rule of hallmarking of gold in India may not have a direct impact on the Dubai gold and jewellery market, as it is a separate market with its own