Benefits of hallmarking on gold Compulsory hallmarking system on gold jewelry implemented, Know benefits

Benefits of hallmarking on gold Compulsory hallmarking system on gold jewelry implemented, Know benefits

Compulsory hallmarking system on gold jewelry implemented, Know benefits

There are many benefits of making hallmarking mandatory on gold jewelry&nbsp | &nbspPhoto Credits:&nbspBCCL

Headlines

  • Mandatory hallmarking on gold will save people from fraud.
  • In terms of purity, you will get the same gold for which you have paid.
  • Jewelers can continue to buy unmarked gold from people.

Hallmarking on gold jewelery and artefacts has been made mandatory from today (June 16). But it will be implemented in a phased manner. It will first be started in 256 districts. Hallmarking is a certificate of purity of the precious metal. Now this arrangement was kept voluntary. The Bureau of Indian Standards (BIS) has been running the hallmarking scheme for gold jewelery since April 2000.

At present about 40% of gold jewelery is being hallmarked. After extensive deliberations, the government has exempted certain units from the mandatory hallmarking system in the jewelery sector. For example, jewelery manufacturers with annual turnover up to Rs 40 lakh will be exempted from mandatory hallmarking.

Special things related to hallmarking on gold jewelery

  1. Mandatory hallmarking on gold will protect people from fraud and they will get only what they have paid for in terms of purity.
  2. From June 16, jewelers in 256 districts will be allowed to sell only 14, 18 and 22 carat gold jewellery. Hallmarking will also be allowed for additional 20, 23 and 24 carat gold.
  3. This arrangement has also been exempted from those units, which export and re-import jewelery as per the trade policy of the government.
  4. Apart from this, there will be exemption for international exhibition as well as for domestic exhibition with government approved B2B (between merchants).
  5. Apart from this, the government said that it has exempted gold used in watches, fountain pens and mandatory hallmarking on Kundan, Polki and Jadau jewellery.
  6. Jewelers can continue to buy unmarked gold from consumers.
  7. The old jewelery can be hallmarked if practical by the jeweler after melting down and making new jewellery.
  8. The government has decided to constitute a committee consisting of all stakeholders, revenue officials and legal experts to look into the issue.
  9. No penalty will be imposed in this case till August 2021.

A decision to this effect was taken in a meeting with the industry under the chairmanship of Consumer Affairs Minister Piyush Goyal. Consumer Affairs Minister Piyush Goyal wrote on Twitter after the meeting that it has been our government’s constant endeavor to better protect and satisfy customers. In this series, hallmarking is being compulsorily implemented in 256 districts on June 16, 2021.

It may be noted that in 2019, the government had announced to make hallmarking mandatory on gold jewelery and artefacts from January 15, 2021.
But later the deadline was extended for 4 months till June 1. Again this was pushed to June 15 after jewelers requested an extension of the deadline due to the pandemic.

Consumer Affairs Secretary Leena Nandan said that the mandatory hallmarking system will be implemented in a phased manner and will be implemented initially in 256 districts which have centers to check the purity of the precious metal. The Secretary said that the concerns of the industry have been addressed in the meeting.


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