In India, gold and jewellery hallmarking became mandatory from June 16 this year. According to Rating agency ICRA, Indian consumers are now shifting towards hallmarked jewellery as they believe such products get more attention on purity, according to a report in Economic Times.
This trend of buying hallmarked jewellery is expected to push up growth for India’s top gold and jewellery companies, including Tanishq, Malabar Gold & Diamonds, and Senco Gold & Diamonds, by more than 20% next year.
“The industry is likely to post y-o-y growth of 15%. Organised players are expected to witness a higher-than industry growth of more than 20%, fuelled by renewed store expansion undertaken across markets, coupled with an increasing shift towards hallmarked products,” said Kaushik Das, vice-president, ICRA.
Tanishq’s CEO Ajoy Chawla said: “We have witnessed good growth in Q2 and later in the festive season flowing into the current Q3. Year-to-date (YTD) this fiscal we are witnessing a growth in new customers who are now contributing to 50% of our buyers in the current fiscal up from 45% in FY2021 YTD.” Ahammed MP, chairman of Kerala-based Malabar Gold & Diamond, said, “Adoption of hallmarking also reflects the intent of the jewellers to go for quality standardisation, thus eliminating any possibility of smuggled gold contaminating the supply chain.” The price-sensitive eastern market, where consumers stress on purity of gold, has witnessed good growth in demand this year. Kolkata based Senco Gold & Diamond’s CEO Suvankar Sen said, “ Hallmarking will help unorganized players to be included in organised business as well and simultaneously will help the organised jewellery.”
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
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