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Mumbai (Maharashtra) [India], April 10 (/NewsVoir): Malabar Gold & Diamonds, one of the largest gold and diamond retail chains of the country, has welcomed the decision of the Union Ministry of Consumer Affairs to not to allow sale of hallmarked gold jewellery and artefacts without HUID (hallmark unique identification) number from April 1, 2023. In line with the decision of the government, Malabar Gold & Diamonds has also ensured that only the ornaments with the HUID code are sold in all its showrooms across the country from April 1, 2023. This was proposed by the central government back in June 2021 giving the jewellers ample time to adopt HUID.HUID which is stamped on each piece of jewellery at the authorized Assaying and Hallmarking centres to testify the purity aims to protect the customer interest and strengthen the purity standardization framework of the jewellery retail trade.Under the HUID norm, each jewellery will have three features embossed on it - BIS logo, gold karat level to denote purity and a six-digit alphanumeric HUID code containing numbers and letters. Customers instantly check the purity of gold jewellery by entering the HUID number on the BIS Care mobile. They can also avail of details such as the hallmarking date, name of the hallmarking centre and the information on the jeweller through the BIS Care app. HUID will further strengthen the track and traceability of jewellery, thus ensuring complete transparency in the value chain.Commenting on decision of the Union Ministry of Consumer Affairs, M P Ahammed, Chairman, Malabar Group said, "We welcome the decision of the government. It's a game changing moment and will transform the way gold jewellery is sold in the markets. By standardizing the quality and transparency, HUID will not only strengthen customer trust in the jewellery retail trade but also safeguard customer interest. The HUID will bring in more transparency to the gold jewellery trade as it provides the details of the retailer selling a particular jewellery and the hallmarking centre that has checked and confirmed the purity level of the gold used in the jewellery. This will prevent the illegal gold trade to a great extent, which in turn will boost the revenue collection for the government. Currently, the HUID and the billing are not linked. If capturing the HUID code in the bills is made mandatory, it will plug the loopholes further to eliminate tax evasion. The government should initiate steps to link billing with the HUID system."Malabar Gold & Diamonds was established in 1993 and is the flagship company of Malabar Group, a leading diversified Indian business conglomerate.With an annual turnover of USD 4.1 billion, the company currently ranks as the 6th largest jewellery retailer globally and today has a strong retail network of over 310 outlets spread across 10 countries in addition to multiple offices, design centers, wholesale units and factories spread across India, Middle East, Far East & USA. The group, owned by more than 4,000 shareholders, has more than 17,500 professionals from over 26 countries working towards its continued success. Malabar Gold & Diamonds also features an online store www.malabargoldanddiamonds.com providing customers the opportunity to purchase their favorite jewelry at any time and on any day from the comfort of their homes.CSR has been the primary commitment of the group since its inception; integrating ESG (Environmental, Social & Governance) principles into the core business. The key CSR focus areas of Malabar Group are Health, Education, Women Empowerment, Housing, Hunger Free World and the Environment. The ESG goals of the orgzation are periodically strengthened by integrating responsibility and sustainability to remain a socially conscious and responsible orgzation. The group contributes 5 per cent of its profit to such initiatives in the same country of operation.This story has been provided by NewsVoir. will not be responsible in any way for the content of this article. (/NewsVoir)Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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