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The misery of skyrocketing gold prices in recent times has been compounded by increasing fears of fraudulent practices. Widespread reports indicate that traders are involved in selling gold with counterfeit hallmark certifications and inaccurate weight measurements. These findings were revealed in the Odisha Legislative Assembly by Food Supplies and Consumer Welfare Minister Krushna Chandra Patra in response to a question on Thursday, amplifying consumer concerns.
Rising costs in wedding season
In the context of the upcoming wedding season, the price of 24-carat gold has reportedly surged by Rs 3,550 since February 1. As of today, the price for 24-carat gold in Bhubaneswar stands at Rs 88,040 per 10 grams, up from Rs 84,490 at the start of the month. Similarly, 22-carat gold is priced at Rs 80,700 per 10 grams.
As per sources, the depreciation of the Indian rupee against the US dollar has further exacerbated the price rise, making gold imports costlier.
Fraudulent practices uncovered
In the Assembly, Minister Patra informed that as many as 40 traders have been caught for weight-related fraud since 2019, resulting in fines totaling Rs 5,45,500. Notably, the year 2019-20 saw 16 traders penalised with fines amounting to Rs 2,14,000. More recently, in 2023-24, as many as six traders have faced penalties amounting to Rs 1,55,000.
In addition to weight fraud, eight prominent traders were found dealing in fake hallmarked gold, which led to the cancellation of seven trading licenses and one ongoing legal case. This crackdown is aimed at protecting consumers from deceitful practices.
However, the jewellers have refuted any deceitful practices while weighing gold.
“The customers are so careful these days and it is not possible to deceive in gold weight. As the price of the gold has skyrocketed, the customers have become very much vigilant,” said Pramod Rath, manager of J and T Jeweler.
Must Read: Gold prices' surge amid wedding season gives nightmare; check latest prices in Odisha
Vigilance advised for consumers
With the Indian rupee weakening against the dollar, the cost of gold imports has significantly increased, contributing to the surging prices.
“It the gold prices skyrocket like this, it will be very much difficult to conduct marriages. It has become impossible for the poor to get their daughters married,” said Chandrakanti Pradhan, a homemaker in Balasore.
Under the circumstances, consumers are advised to exercise caution and verify hallmark certifications thoroughly, especially during this peak period for gold purchases.
