How New Gold Tracking System Could Stop Stolen Jewellery Resales | Why Jewellers Are Worried
The government is considering a new gold-tracking mechanism that could link every purchased hallmarked jewellery article to its unique six-digit HUID number. The proposed system would allow retailers to mark an HUID as “sold” and flag possible duplicate or suspicious entries when old gold is resold. The move could strengthen traceability in India’s massive gold jewellery market, while also creating new compliance challenges for jewellers and retailers. With a large share of India’s gold jewellery market still controlled by the unorganised sector, questions remain over how widely such a system could be implemented. Watch.
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