Around 200 Tonnes Of Gold Will Enter India Via Grey Route In 2014: WGC

"Discussions on gold in India should go beyond curbs and focus on how this industry can encompass an all-round growth, delivering enhanced economic contribution to all its stakeholders," he added.

Talking about the drop in rainfall this monsoon and its impact on the industry, Somasundaram said it would impact the rural demand to some extent.

Sunil Soni, director general of the Bureau of Indian Standards (BIS), told the summit that his organisation was working to provide a unique ID to each piece of hallmarked jewellery, Gold hallmarking is a purity certification of precious metals. BIS, which works under the union Ministry of Consumer Affairs, Food and Public Distribution, is the administrative authority of hallmarking.

"We want to give unique ID/number for each hallmarked item and the same number will be there for number of pieces, this will help in curbing duplication and help in traceability i.e. in case you happen to buy one such piece you can hold someone responsible if it is found to be sub-standard," Soni said.

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