Citing an example, Sen said that for gold bars and coins, the purity required for hallmarking is 20 and 24 carats, respectively.
This, he said, was creating confusion in the jewellery industry, necessitating standardisation.
Chairman of GJC, Anantha Padmanabhan, said when the the model code of conduct is in force, there is a need for a standard operating procedure (SOP) regarding the seizure of gold in transit, based on valid documents.
"We will meet the chief election commissioner and discuss the matter," he told reporters here on Saturday.
He also said the annual turnover of the gem and jewellery industry is around Rs 4 lakh crore, which is expected to double in the next couple of years.
The GJC also launched a sensitisation programme - 'Labham' - for jewellers, providing information on regulatory compliance and best business practices.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.