Gold Has To Be Hallmarked From Today – What This Means For You
Hallmarking of gold jewelry is a should from right this moment, in a transfer aimed toward guaranteeing the purity of gold and normal charges for purchasers.
The authorities says the plan will take impact in a phased method, and can be carried out in 256 districts at first.
Gold hallmarking is a purity certification that has been voluntary thus far. Hallmarking means gold can now be resold at normal charges and there can be uniform gold valuation towards the hallmark. People can be protected against dishonest whereas shopping for gold ornaments and purity can be assured.
From right this moment, jewellers can be allowed to promote solely 14, 18 and 22 carats of gold jewelry. Gold of 20, 23 and 24 carats can even be allowed for hallmarking.
The authorities says hallmarking is required “to enhance the credibility of gold jewellery, customer satisfaction and consumer protection”. Only round 40 per cent of gold jewelry was hallmarked till now.
The earlier January deadline was deferred by 4 months as jewellers sought extra time due to the Covid disaster.
“Continuing our government’s endeavour for better protection and satisfaction of customers, mandatory hallmarking in 256 districts will be implemented from June 16. No penalty will be imposed till August 2021,” Consumer Affairs Minister Piyush Goyal tweeted on Tuesday.
Speaking to PTI, Consumer Affairs Secretary Leena Nandan mentioned gold hallmarking can be carried out in a phased method and initially in 256 districts which have Assaying marking centres. The trade considerations have been addressed and clarified in nice element within the assembly, she added.
After in depth session with stakeholders, some have been exempted from obligatory hallmarking for now. These embody jewellers with an annual turnover under Rs 40 lakh.
Those who export and reimport jewelry below the commerce coverage, jewelry meant for worldwide exhibitions and for presidency-authorised B2B home exhibitions can even be saved out of the scheme for now.
Hallmarking is not going to be obligatory for gold utilized in watches, fountain pens and Kundan, Polki and Jadau jewelry, the federal government says.
“Jewellers can continue to buy back old gold jewellery without a hallmark from consumers,” the federal government mentioned, including that previous jewelry could be hallmarked, if possible, after it’s melted and crafted into new jewelry.
The BIS (Bureau of Indian Standards) has been working a hallmarking scheme for gold jewelry since 2000.
India has round 4 lakh jewellers, out of this solely 35,879 have been BIS licensed. According to the World Gold Council, India imports 700-800 tonne of gold yearly.