Tirupati: Jewellery merchants stage protest against hallmarking of ornaments

Tirupati: Protesting against the government's attitude in resolving the issues pertaining to mandatory hallmarking on Gems and Jewellery industry, the merchants have observed a one-day bandh and closed their shutters on Monday.

Following the bandh call given by 'The AP Bullion Gold Silver and Diamond Merchants Association,' Chittoor Jewellery Association president K V Satyanarayana, Tirupati Jewellery Association vice-president Jittu, Siva, Rajesh, Chinni and others held a protest at Chinna Bazar Street where many jewellery shops are located.

Speaking to media, K V Satyanarayana said that though hall marking was made mandatory from June 16, many of their concerns are still unresolved. Though they accept the suggestions of the government in this regard, they have some key concerns. Among other things, they want the hallmarking to be applicable on point of sale to help ease of doing business.

They want the provision to cancel the registration of jewellers be withdrawn as it will affect the livelihood of millions of people. As the new process will add cost on the compliances, they want the old system to be allowed forthwith.

More importantly, under the mandatory hallmarking process almost 14-15 crore pieces are to be hallmarked in a year which will take upto 4-5 years at the current speed. Hence, the traders have been questioning the inadequate infrastructure which has created uncertainty in the trade.

As the industry contributes 6-7 per cent to the nation's GDP and is one of the largest employment generators, they expressed fears that if the issues are not resolved, the whole industry may collapse.