New Delhi, July 8 (IANS) India will join a international convention on precious metals to give a fillip to the export of the country’s gems and jewellery products.
The cabinet Thursday approved a proposal to accede to the Convention on Control and Marking of Articles of Precious Metals, known as the Vienna Convention, 1972.
The Convention facilitates cross-border trade in precious metal articles and promote consumer protection. It provides for a common set of technical requirements useful for independent third party verification (hallmarking) and a common control mark indicating fineness.
As a signatory, India will now have hallmarking centres, which will be authorised to put the common control mark on jewellery articles meant for exports.
‘Jewellery articles marked for exports by such recognised centres in India would not be subjected to further tests for purity in the member countries of Vienna Convention, thus facilitating export of jewellery items from India,’ said the statement.
India had exported gems and jewellery worth Rs.134,406 crore ($28.4 billion) in 20091-10.
The convention has 18 members, including Britain, Sweden, Switzerland, Denmark, Ireland, Israel, the Czech Republic, the Netherlands, Latvia, Lithuania, the Slovak Republic and Poland.