There will be standardization of gold rates in the upcoming 5-6 months: Kishorkumar Shah

How we can efficiently manage the dead stock so that it should not hit us economically?

Akshat Bansal, Partner, Brij Kishore Jewellers, Faizabad, UP

The first and foremost thing a jeweller can do is try to sell the inventory by reducing its prices. It will help the jeweller to recover the labour costs and maintain cash flow. However, if the jeweller is unable to sell the slow-moving stocks, he must take a firm decision to melt them and create new designs. It will save the extra cost of maintaining the dead inventory.

Sanjay Kalsi, Founder and MD, JD Solitaire, New Delhi

I belong from a small town. Most jewellery stores in my area are small and less organized. The government has made gold hallmarking compulsory across India but many jewellers in Bina are yet to register with BIS. Even though the majority of them want to register, they don’t have any proper guidance on how to do so. Most of them don’t know much about new hallmarking rules and the local jewellers association is strong enough to support the jewellers. What should be the role of the domestic council and BIS in this regard?

Manas Saraf, Owner, Shree Ji Jewellers, Bina, MP

The Council will definitely cooperate with the jewellers and help them to understand the new hallmarking rules. However, the local association from the city will have to come forward and arrange a knowledge seminar, either over a Zoom call or in-person, wherein the Council will send its team of experts to speak on hallmarking. The local jewellers association should make sure that jewellers from the town as well as from the nearby areas participate in it.

Ashish Pethe, Chairman, All India Gems and Jewellery Domestic Council

In today’s time, there are different gold rates prevalent in a city. Some jewellers charge for 916 quality, whereas, some are charging for 92, although the purity level is almost the same. The making charges also vary as per the purity of the gold. Due to this trend, it becomes difficult to make the customers understand about all these which ultimately affect the credibility of the jewellers. What can be the best possible solution to this issue?

Uday Soni, Owner, Lalchand Mangaldas Soni, Aurangabad

With the mandatory gold hallmark, the issue of gold purity will be completely resolved. Last year, Malabar Gold and Diamonds launched ‘One India One Gold Rate’ due to which many other retail giants have standardized their gold rates across all the showrooms. I believe other jewellers will follow the suit in the upcoming 5-6 months, which will draw the markets closer to a single gold rate across the country.

Kishorkumar Shah, Director, Chandukaka Saraf and Sons, Pune

Courtesy: Retail Jeweller India News