hallmarking deadline extension: hallmarking on jewelry; Gem & Jewelery Domestic Council demands govt – gjc urges government to extend deadline for hallmarking of gold jewelery till June 2021
- Gold items are allowed to apply for mandatory hallmarking by June 2021.
- According to international standards, all types of gold purity (9 carat to 24 carat) are recognized.
- Demand for mandatory hallmarking to be postponed to June 2022 instead of June 2021
By IS 1417: 2016, BIS (Bureau of Indian Standards) has approved the hardness and purity standards of gold products, according to which only 14K, 18K and 22K carat gold products are allowed to apply mandatory hallmarking by June 2021. Is. The council has warned that mandatory hallmarking (scheduled for implementation from June 1, 2021) in its current form would curtail the right of choice for consumers and curb the trade in 5,000-year-old jewelery.
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The differences between the regulation and restriction of trade by the government have been highlighted by various courts in India. The Supreme Court has also ruled that the ban imposed on the fundamental right to trade and business cannot be justified unless it is in the public interest.
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According to international standards, all types of gold purity (9 carat to 24 carat) are recognized and there are no restrictions on them. The government should reconsider some provisions in the BIS Act and the draft regulation so that the interests of producers and consumers are matched in setting the standards, the report of the Vatal Committee concluded.
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GJC President Ashish Pethe said, “The current restrictions imposed by BIS do not conform to the prevailing international standards in the gold industry, including the World Gold Council, which approves gold with multiple purity and fertility ranging from nine carats to 24 carats. In India, gold is being traded in a variety of forms ranging from one carat to 24 carat.
BIS should focus on the main objective of guaranteeing purity to the customers and to sell the jewelery of any carat in the carats they are looking to sell to the bullion and as per the hallmark certified by the customers as they are ready.
Freedom to purchase any carat jewelry should be granted. Gold is also seen as an investment option,
Consumers in India often buy gold metal in the form of 23 carat and 24 carat purity bars and coins as an investment option. If a customer wants to buy 23 carat or 24 carat gold jewelery, then why should there be a ban on his purchase of fine purity gold?
While international standards recognize all types of carats, restrictions on carats in India are adding fuel to the fire and fueling the bullion industry. ” The Saraf community is on the side of hallmarking, but in view of the newly launched Thaman of GJC Kovid-19, the government has been asked to postpone the deadline for mandatory hallmarking of gold jewelery to June 2022 instead of June 2021.
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