Jewellers have often duped consumers to buy a less quality metals charging more than its valuation.
New Delhi, October 25: Not all that glitters is gold — or, at least, not as valuable as your investment on it. A recent survey reveals that jewellers in India have used the yellowing charm of the metal to easily lure consumers into making them believe that it is pure.
According to an online forum LocalCircles’s survey, conducted from September 15 to October 14, 48 per cent of the respondents voted “yes” that they have been cheated by jewellers when buying precious metals. The question received 5,987 votes, of which 23 per cent respondents said “no” they have not been cheated, while the remaining voted for “couldn’t say”.
Notably, in the June quarter 2019, India was the biggest consumer of jewellery at 168.6 tonnes, according to precious metals consultancy, Metals Focus’s report. However, “purity” has always been a concern considering the high price of such precious metals, especially gold and silver.
With demand for such metals soaring high in India, jewellers have often duped consumers to buy a less quality metals charging more than its valuation. To a question that asked the level of trust consumers have in the jeweller they buy jewellery from, of the 6,148 votes, 41 per cent voted “high”, while 41 per cent voted “limited” and 18 per cent voted “low”.
Therefore, it is advised that consumers buy precious metals that are hallmarked by the Bureau of Indian Standards (BIS), which is responsible for certification and validation of metal’s purity as per norms of Indian government and International hallmarking convention. Indian government, through BIS, expects customers would be protected through hallmarking by mandating sale of only 14-, 18- and 22- carat jewellery.
The survey also asked respondents reasons why they bought a non-hallmarked jewellery over the hallmarked. The question received 5,905 votes — mostly a mixed reaction — of which, 33 per cent said due to “price”, 36 per cent said due to “ease of availability”, while 31 per cent “didn't know what hallmarking meant”. The latter is often cited as the reason why jewellers have time and again lured consumers into making them believe the metal is pure.
Although the government has set up an assaying or testing center to check the purity of metals throughout the country, many don't know it exists, the survey suggests.