India Bullion and Jewellers Association said, self-certification of coins by refineries contravenes the basic purpose of a certifying agency.
Duty changes in the Budget make refining unviable.
The government should partner with commodity exchanges such as MCX.
Imports are down also because local traders are clearing unaccounted stock after introduction of 1 per cent excise duty
Most consumers are going for token buying of lesser value and are waiting for price correction for purchase of wedding jewellery.
Only three or four tonnes is estimated to have been mobilised under the scheme.
Of the 11,000 kg imported between July 1 and August 9, around 90 per cent was brought in by two business groups which took advantage of the favourable reduction in tax incidence under GST, routing their imports through Korea.
Dealers anticipated a sharp rise in jewellery demand this wedding season, but then came demonetisation.
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