In a recent step taken by India Bullion & Jewellers Association (IBJA), they will bear down hard on unscrupulous bullion dealers and jewellers who pass off impure gold as that of 24-carat purity. The 17,000-member trade association would lodge not only a police complaint against errant parties but also complain to the tax authorities as the entities invoice the goods sold as 99.5 per cent when it is actually of lower purity.
The complaints on impure 24-carat bars being received by jewellery makers from states like Delhi, UP, MP, and Maharashtra, is the reason for the decision by IBJA proceeds. This after some of them melted the bars only to find lower gold content than embossed on the bar.
The action of the trade body to protect the interest of the end-consumer and artisans, who are contracted by jewellers to manufacture ornaments, was confirmed by its chairman Prithviraj Kothari and national secretary Surendra Mehta.