Page 22 - Bullion World Volume 5 Issue 08 August 2025

Bullion World | Volume 5 | Issue 08 | August 2025
B ullion W orld | V olume 5 | I ssue 08 | A ugust 2025

Jewellers Must Urgently Embrace PMLA

Compliance - “Act Now Before It’s Too

Late,” Warns Mr Surendra Mehta,

National Secretary, IBJA

Gold as an Asset Class -
The Untold Responsibilities
Reflecting on a pivotal policy decision taken nearly
a decade ago, Mr Surendra Mehta recalled when
former Finance Minister Arun Jaitley announced
gold as an “asset class” - a move meant to elevate
gold to the same regulatory status as mutual funds,
real estate, and other financial assets.

“The moment gold was declared an asset class, it
automatically became subject to registration and
traceability,” explained Mr Surendra Mehta. “Just as
you must register your property or car, gold too now
falls under that framework - and hallmarking has
become that registration tool.”

Mr Surendra Mehta
With the nationwide implementation of mandatory
hallmarking from 2020 onwards, every jewellery
transaction is now effectively recorded, leaving
behind a digital trail. According to Mr Surendra
Mehta, this marks a significant shift in how the In an exclusive and eye-opening
government monitors gold-related activity in the conversation with Bullion World,
country.
Mr Surendra Mehta, National
Secretary of the Indian Bullion
Hallmarking Now Tied to PMLA Compliance
What many jewellers have not fully grasped, says and Jewellers Association (IBJA),
Mr Surendra Mehta, is the legal gravity of selling delved deep into one of the
or buying non-hallmarked jewellery. “If you deal in most pressing issues facing the
jewellery that is not hallmarked today, it is a direct Indian jewellery industry today -
violation of PMLA,” he cautioned. “And under compliance with the Prevention
PMLA, jail is a reality - and that too, without bail.” of Money Laundering Act (PMLA),
He emphasized that hallmarking is no longer and the far-reaching implications
just about purity; it now serves as a compliance
checkpoint under national anti-money laundering of gold being declared
regulations. an "asset class."

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