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Gold/Mining/Energy : ARU.V Aurelian Resources Inc
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From: FEARLESSF2/26/2007 10:15:08 AM
   of 516
 
Fellow Investors,

This is another very good developement for gold. It means that the Indian consumer will have more confidence in the quality of gold they are buying and thus more likely to purchase. It also means that India will have to import more gold to make up for the quantity of impurities that are being added to the gold.

RENO, NV (Mineweb.com) -- The General Bureau of Indian Standards (BIS) said the hallmarking of gold jewelry will be compulsory for all jewelers from January 1, 2008.

In a statement published on the BIS website, the agency said the “The Indian consumer is very often a victim of irregular metal quality. A buyer, for instance, will be told that he has bought gold of 22 carats. When he goes to sell or exchange it he discovers that the gold is actually only of 18 carats and many customers have lost money in this way.”

Hallmarking is considered very important in India where jewelry is made of much purer gold, usually 22 carats. A few years ago, BIS and the World Gold Council studied the quality of Indian gold jewelry and found that almost 80% of the jewelry being sold was of inferior quality to what was being claimed.

BIS Deputy Director-General Bhupinder Singh said a recent market survey conducted in 16 major cities at non-BSI shops determined than 90% of samples failed purity tests with 44.66% found market-wide.

The decision to mandate hallmarking will cover more than 30,000 jewelry retailers and more than 100 large-scale manufacturers across India. Thirty-four hallmarking centers have been established in India with 34 more planned.

The Metallurgical Division is now also pondering a standard for hallmarking silver.

Regards,
F.F.
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