Gold Hallmarking New Guidelines: The government Wednesday released new guidelines for your gold jewellery. Now, gold hallmarking is mandatory for all gold items – jewellery and artefacts – from today, 15 June 2021. The implementation of the gold hallmarking rules will be done in a phased manner, initially beginning with stores in 256 districts across India. Meanwhile, gold price today fell once again. Gold prices dropped by Rs 10 per 10 gram and Rs 100 per 100 gram.
Gold Hallmarking: What Happens to Your Old Gold Jewellery?
Don’t worry about losing value for your old gold jewellery as they will all be still valid.
Jewellers can also continue to buy back old gold jewellery from customers even if they don’t have a hallmark, the government stated.
Old jewellery can also be hallmarked as it is, if it is feasible by the jeweller. Besides, the hallmark can also be added after melting the gold to make new jewellery.
Gold Hallmarking: 10 Points to Note Before Your Next Gold Purchase
- Gold hallmarking is a ‘purity’ certification of the yellow metal to identify the fineness of gold and ensure consumer protection. It is voluntary in nature at present.
- Gold hallmarking is now mandatory for all 22-carat and 24-carat gold items. Gold of Additional carats such as 20, 23 and 24 will be allowed for Hallmarking.
- Gold watches, fountain pens and special types of jewellery like Kundan, Polki and Jadau will be exempted.
- Export and re-import of jewelry as per Trade Policy of Government of India – Jewellery for international exhibitions, jewellery for government approved B2B domestic exhibitions will be exempted from mandatory mallmarking.
- Gold jewellers with annual turnover up to ₹40 lakh have been exempted from mandatory hallmarking, the government stated.
- Manufacturers, wholesalers and retailers of Gold Jewellery have been given time and there would be No penalties till August end, the government added.
- India has nearly 4 lakh jewellers, out of which only 35,879 are BIS certified, as per the World Gold Council data.
- According to The Bureau of Indian Standard (BIS), the mandatory hallmarking will protect consumers against lower caratage and ensure they do not get cheated while buying gold ornaments.
- Hallmarking of gold jewellery was set to begin from June 15, but it was postponed due to the COVID-19 pandemic. The decision was taken at a meeting chaired by Union Consumer Affairs Minister Piyush Goyal. Earlier, it was expected to be implemented from January 15, 2021.
- BIS has been running a gold hallmarking scheme for gold jewellery since April 2000. About 40 per cent of gold jewellery across the country is being hallmarked currently.
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