Surat Jewellery Industry Issues Alert on Counterfeit Gold Circulation
In the wake of significant volatility in the gold market, prominent leaders from Surat's renowned jewellery industry are urging consumers and traders to exercise heightened vigilance against counterfeit gold products. Reports have emerged about items claiming to be crafted from imported gold being sold at suspiciously low prices, raising red flags about potential fraud in the sector.
Industry Leaders Report Unverified Claims of Fake Gold
Several industry insiders have confirmed receiving information regarding transactions involving fake gold, although no formal complaints have been officially registered with authorities to date. This discrepancy between market chatter and official reports has prompted calls for increased awareness and precautionary measures.
Ashwin Sankdasariya, a respected jewellery manufacturer based in Surat, highlighted this concern in a recent awareness video. He revealed that he obtained intelligence from market dealers about unethical practices targeting unsuspecting buyers. "I came to know from those dealing in the market that some people are cheating those who do not understand the market. For quick benefit, some people are employing wrong practices," Sankdasariya explained in his statement to media outlets.
He further elaborated that certain unscrupulous elements are allegedly using coins made from alternative metals to fabricate jewellery pieces, which are then misrepresented as genuine gold items.
Official Stance from Industry Associations
Amit Korat, the President of the Surat Jewellery Manufacturers Association (SJMA), acknowledged the rumors while emphasizing the robust quality control protocols followed by legitimate manufacturers in the region. "Surat manufacturers are following the standard practice, where testing is done at each stage. These practices help establish credibility and prevent manufacturers from getting cheated," Korat asserted.
He clarified that, as of now, the SJMA has not received any formal complaints from manufacturers or distributors regarding the use of non-gold materials in jewellery production. This official position underscores the gap between anecdotal market intelligence and documented grievances.
Echoing this sentiment, Salim Daginawala, President of the Surat Jewellers Association, stated that no confirmed cases of alternative materials being used in gold-like jewellery have been brought to his attention. However, he issued a cautionary note, especially relevant in the current economic climate. "In current times, when gold prices are rising rapidly, one needs to be cautious in trade, as there is the risk of such fraud," Daginawala advised, highlighting the increased temptation for fraudulent activities during periods of high gold valuation.
Calls for Proactive Awareness Campaigns
Dinesh Navadiya, Chairman of the Indian Diamond Institute, has advocated for a proactive approach to address these concerns before they escalate into a larger issue. He pointed out that while there are claims about a material resembling gold, its actual use in jewellery remains unconfirmed. "There are claims about a material that looks like gold but its use in jewellery has not been confirmed yet. There are no complaints in this regard. Stakeholders must carry out an awareness campaign before it enters the market," Navadiya recommended, stressing the importance of preventive education for both industry players and consumers.
The collective advice from these industry leaders is clear: to mitigate risks, all transactions should be conducted exclusively with established and reputable businesses that adhere to stringent testing and quality assurance standards. This guidance becomes particularly crucial as market dynamics create fertile ground for potential malpractices, making consumer awareness and due diligence more important than ever in the jewellery trade.
