If you are planning to buy gold jewellery then this piece of news is surely for you as now buyers of gold jewellery have the assurance of purity. The government has made it mandatory for the jewellers to sell only hallmarked jewellery. The mandatory hallmarking of gold jewellery is coming into force from today (16 June 2021) after multiple extension of the implementation.
“Continuing our Govt’s endeavour for better protection & satisfaction of customers, mandatory hallmarking in 256 districts will be implemented from 16 June 2021. No penalty will be imposed till August 2021.This will help develop India as a leading global gold market center,” Piyush Goyal tweeted.
The government had initially set a deadline of January 15, 2021, for the implementation of the mandatory hallmarking rule but it was extended till June 1 and later till June 15 after jewellers demanded more time in view of the COVID-19 pandemic.
Here’s everything you need to know about this new rule of mandatory gold hallmarking
-Hallmarking will be initially be starting from 256 districts of the country which have Assaying marking centres.
-Jewellers with annual turnover up to Rs. 40 lakh will be exempted from mandatory Hallmarking.
-Export and re-import of jewellery as per Trade Policy of Government of India – Jewellery for international exhibitions, jewellery for government-approved B2B domestic exhibitions will be exempted from mandatory hallmarking.
-Gold of additional carats 20, 23 and 24 will also be allowed for hallmarking.
-Watches, fountain pens and special types of jewellery viz. Kundan, Polki and Jadau will be exempted from hallmarking.
In order to give adequate time to the manufacturers, wholesalers and retailers of gold Jewellery, there would be no penalties till August end, the government has said.
What will happen to you old gold jewellery?
The government has said that jewellers can continue to buy back old gold jewellery without hallmark from consumer. Old jewellery can be got hallmarked as it is, if feasible by the jeweller or after melting and making new jewellery.
What is gold hallmarking
Gold hallmarking is a purity certification of the precious metal and has been voluntary in nature so far. Under Hallmarking scheme of the Bureau of Indian Standards, Jewellers are registered for selling hallmarked jewellery and recognise testing and Hallmarking centres. Hallmarking will enable consumers to make the right choice and save them from any unnecessary confusion while buying gold. At present, only 30% of Indian Gold Jewellery is hallmarked.
Things to keep in mind while buying hallmarked jewellery:
1) BIS Mark
2) Purity in carat and Fineness (any one)
22K916 – Equal to 22 Carat
18K750 – Equal to 18 Carat
14K585 – Equal to 14 Carat
20, 23 and 24 carat also to be hallmarked now
3) Identification Mark or Number of the Hallmarking Centre’s
4) Identification Mark or number of the Jeweller’s