Holidays and wedding seasons promote the recovery of the jewelry market
According to Reuters, since October 2020, affected by the Diwali (Indian Spring Festival) and wedding seasons, the Indian jewelry market is gradually recovering and reaching the level before the epidemic.
The wedding season is one of the characteristics of Indian national culture. Indian people will choose auspicious days for weddings. According to the calculation of the international calendar, these auspicious days are mostly concentrated in January to March and October to December each year. Therefore, these months are collectively referred to as the wedding season.
According to tradition, couples tend to prepare a large amount of jewelry for the wedding. Therefore, the wedding season is also the peak season for jewelry sales, and the new round of wedding season from January to March 2021 will continue to promote the rebound of the Indian jewelry market.
The Indian government strengthens the supervision of the jewelry market, sellers need to pay attention to these matters
The continued recovery of the jewelry market is good news for sellers, but the Indian government has recently begun to crack down on illegal money laundering campaigns, so it has also strengthened the supervision of the jewelry market, reiterated some regulations, and issued new regulations.
The Indian Central Government recently issued an announcement reiterating a provision in the 2002 "Prevention of Money Laundering Act": precious metals and gem dealers engaged in designated businesses or occupations-if they conduct a cash transaction with a client of 1 million rupees or more , And these transactions are completed at one time, or completed in several related activities, the documents should be retained, and should be presented at the request of the Enforcement Bureau (ED). If the relevant documents cannot be presented, the ED has the right to conduct a detailed investigation, and Depending on the specific violation, the sentence is 3-7 years in prison.
At the same time, the Ministry of Consumer Affairs, Food and Public Distribution has also notified that from June 2021, the country will only allow the sale of marked gold and silver jewelry.
Marking refers to a formal trademark. Jewelry must indicate the content of precious metals gold, silver, platinum, etc. in accordance with relevant standards, and clearly tell consumers the purity and fineness of jewelry. The government hopes to pass this regulation to protect consumer rights and popularize. Jewelry grading standards make the jewelry market more reasonable and compliant. At present, in India, gold and silver belong to the category of marking. The marking process is carried out in testing and marking centers across the country and monitored by the Bureau of Indian Standards (BIS).
The ban on the sale of jewellery without official trademarks will begin in June of this year. Related companies and sellers will have a buffer period of nearly half a year. There is no need to worry too much, but they should also start to deal with related matters to ensure the normal sale of products.
