Facing "liquidity issues", diversified company SRS Ltd has discontinued the operations of its jewellery business with immediate effect.
India’s gold imports surged 67 % in 2017 from the previous year to 855 tonnes as jewellers replenished inventory amid a rebound in retail demand, GFMS showed.
Gold prices edged higher by Rs 60 per 10 grams, tracking a firm trend overseas amid scattered buying by local jewellers.
Exports of gems and jewellery had declined by 24.5 percent to USD 3.3 billion in Oct, from 4.38 bn in the year-ago period.
Union minister Suresh Prabhu will open jewellery summit later this week that will see stakeholders discuss formulation of the country's first-ever gold policy.
Suresh Prabhu said the commerce ministry is working on a package in consultation with the gems and jewellery industry to boost export and create jobs.
BIS has been asked to frame hallmarking standards for jewellery made from 24 carat gold, Paswan said.
Gold prices recovered at the domestic bullion market on fresh demand from jewellery stockists supported by bullish overseas cues.
Demand for gold was lacklustre in top consumers India and China, but wedding season is expected to usher in renewed interest for bullion in coming weeks.
"We are planning to make hallmark for gold jewellery mandatory. It should be done by January," Paswan told reporters
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