Prof Alex Dodoo (2nd L) launching a book on fundamentals of lapidary with some officials
A study conducted by the Kwame Nkrumah University of Science and Technology (KNUST), has revealed that 30% of all gold purchased on the Ghanaian market were of lower karat expressed by businesses to buyers.
Chief Executive Officer of the Ghana Standards Authority Prof. Alex Dodoo, who revealed this in an interview with journalists at the launch of the lapidary Institute of Ghana, said the study calls for a hall marking scheme that would ensure all jewellery sold were embossed with the associated karat.
According to him, the Authority is adopting international standards for gold and certification as it continues to advocate for a hall marking law to sanitise the industry.
He stated, “When Ghana develops a hallmarking convention or a hall marking law it makes it mandatory that any article or jewellery that is bought should be marked visibly for buyers to know before they buy. If it is fake, the punishment is severe, usually with a jail term with no option for a fine or rarely with fines and for the manufacturer your licence can be withdrawn”.
He cited the example of the UK where all gold worth over 5 grammes were hallmarked before they were sold which is aimed at protecting sellers, buyers and also miners value for money.
He also mentioned with respect to the theme, “Promoting Ghana Gold Jewellery with Special Emphasis on Lapidary and Gemstones of Ghana-A new Dimension” how gold of assured quality could shore up the country’s natural reserve and currency during trade.
Some of the benefits of a hall mark convention, he stated, also include Ghana becoming a net receiver of gold and not just an exporter to enable other traders from other jurisdictions to verify, buy and sell with confidence in the country without any disputes.
Prof. Dodoo further added that the Authority has set up a practice guideline with the industry players endorsed by its technical committees for gold, jewellery, diamonds and precious minerals and how refineries should work.
He, however, said that all those guidelines were not mandatory and therefore called for regulation that will help stop fraud, charlatans and formalise the sector given the rate at which the demand for precious minerals keeps increasing.
Chief Executive of the Lapidary Institute and Rapport services, Judy Nakuor Crayem for her part said Ghana could not continue to export minerals such as gold diamonds and other gemstones out of the country in their raw state.
She, therefore, appealed to the government to put in place policies that will promote value addition to gold and other minerals.
By Ebenezer K. Amponsah