Jewellers In India

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The issue brought here is public knowledge. Jewellers tried, and succeeded ( or at least believed so ) in their efforts to beat negative effects on their black money generation through hawala, smuggling , over and under invoicing in their so called export operations etc. in November last year post demonetisation. The jewellery business in India has been notorious in flouting government regulations ever since Independence. It became an organised crime as Gold imports were restricted and many more controls were brought upon the trade. Just like bootlegging, this is also deep rooted and we need an administration with a steely political will to launch an attack on these extremely powerful moneybags in this business. Let us not forget the fact that we spend a huge huge sum of precious foreign exchange to import gold every year and, where does this all go? The imported gold gets exchanged with ill gotten wealth of babus, politicians and criminals. The Government should send a couple of these crooks into jail by slapping money laundering and benami properties laws on them. Hopefully, the PM and the FM will get their acts together to order a forceful crackdown on them. more  

In fact from the time of Independence Gold markets are not at all regulated. Quality is not assured. There are no norms & Regulation for the Reduction. 5% to 10% it is their decision. Even quality of Gold ornaments and the copper Percentage is not at all regulated. Government should install a committee and make it mandatory to have standard quality. If any one was found producing lesser quality there should be punishment as well as Jail to them. There should be annual checking of random quality check of ornaments in shops along with their accounts. Rarely god shops give Bills (50% do not give bills) - I have seen vendors from Kerala bringing Gold ornaments in Ordinary vegetable bags and give them at shops and collect money during nest trip. There will be no bills, No accounts and No tax. As Ms. Ruchikaji said Gold shops is a safe haven for many illegal transactions Hawala, Currency exchange, Black Money conversion in to white. It is said in three forms unaccounted money is spent Buying Benami lands, Buying Gold, Spending on the furnishings of the house. Of course election expenses are also channels for Black Money use. It is high time government and Tax officials open their eyes bring the gold business in to some order. It is open secret of the deals at Gold shops why Government & Tax authorities did not know about it. I know many families were ruined when they go to sell gold it was found to be poor quality. It needs through over haul. The saying in ANDHRA is Goldsmith steals gold even from his wife's jewellery and Police takes bribes from his own son. more  

Economic offence must be punished severely.Unless it is done we can not expect any improvement.Another thing is that those who are repeat offenders must be dealt severely. more  

This is a very worest subject.I bought a gold ornament some time back,when the rate increased,i went to sell to the same shop.What i got was about 10% less.A year,a 15% increase in rate has not given any benifit.The use all techniques to get money out of us[burn gold-under weight-purity is bad-same shop] more