Gold Hallmarking Mandatory

Gold Hallmarking Mandatory in India by government: New gold guidelines

Gold Hallmarking Mandatory

The Gold Hallmarking has been made mandatory in India from June 16, 2021.

As per the Consumer Affairs Ministry, the process will be undertaken in a phased manner across the country, starting with 256 districts.

New gold guidelines :

  • In the first phase, gold hallmarking will be available in only in 256 districts and jewellers having annual turnover above Rs 40 lakh will come under its purview.
  • No penalty will be imposed till August 2021. This will help develop India as a leading global gold market centre.
  • Gold of additional carats 20, 23 and 24 will also be allowed for hallmarking.
  • However, watches, fountain pens and special types of jewellery– including Kundan, Polki and Jadau– will be exempted from hallmarking.
  • Jewellers can continue to buy back old gold jewellery without hallmark from the consumer.
  • In order to give adequate time to the manufacturers, wholesalers and retailers of gold jewellery, there would be no penalties till August end.
  • Old jewellery can be got hallmarked as it is, if feasible by the jeweller or after melting and making new jewellery.
  • Notably, the hallmarking of gold jewellery was earlier set to begin from 15 June.
Also read : Model tenancy act

Hallmarking :

Gold hallmarking is a purity certification of the precious metal and is a mark of its fineness.
It enhances credibility of the jewellery or artefact and ensures customer satisfaction through third party assurance.

Or

The Bureau of Indian Standard (BIS), which operates gold and silver hallmarking scheme in India, defines hallmarking as the “accurate determination and official recording of the proportionate content of precious metal in precious metal articles.” So, it is a “guarantee of purity or fineness” of precious metal articles.
Gold Hallmarking Mandatory

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