Gold hallmarking will come mandatory from today, i.e., June 16, 2021, the Ministry of Consumer Affairs, Food & Public Distribution announced via a press release dated June 15, 2021. As per the press release, jewellers with annual turnover up to Rs 40 lakh will be exempted from mandatory hallmarking.
The press release also stated that gold of additional carats 20, 23 and 24 will be allowed for hallmarking. Say, if you buy gold bangles of 23 carat, then your jeweller will be required to sell you hallmarked gold jewellery.
The mandatory hallmarking of gold provides surety of purity of the yellow metal. At present, only 30% of Indian gold jewellery is hallmarked, ministry release stated.
According to the press release, gold hallmarking will initially start in 256 districts which have assaying marking centres. However, to give adequate time to the manufacturers, wholesalers and retailers of gold jewellery, there would be no penalties till August end. Thus, jewellers have time till August end to get their current gold jewellery stock assessed by the gold hallmarking centre (if applicable) without any penalty.
Ramesh Kalyanaraman, Executive Director – Kalyan Jewellers says, “Mandatory hallmarking will standardize the purity of gold jewellery and take the industry a long way towards being more structured as well as further push the ongoing shift of business and customers from the unorganized to the organized jewellery segment. More importantly, the new regulatory framework will ensure that customers get a fair value for their new jewellery purchases as well as their exchanged or collateralized old gold.”
Old jewellery bought by the consumers without any hallmarking previously, can be sold to the jeweller without any hallmark. Further, they have an option to get it hallmarked as it is or after melting and making new jewellery.
Exemptions on gold hallmarking
The government has granted exemption to watches, fountain pens and special types of jewellery viz. Kundan, Polki and Jadau from the mandatory gold hallmarking.
Further, export and re-import of jewelry as per Trade Policy of Government of India – Jewellery for international exhibitions, jewellery for government approved Business 2 Business (B2B), domestic exhibitions will be exempted from mandatory gold hallmarking.
Charges of gold hall marking
As per the Bureau of Indian Standards (BIS) website, hallmarking charges for gold jewellery/artefacts payable to BIS recognized Assaying and Hallmarking Centres by BIS licensed jewellers is Rs 35 per article and minimum charges for a consignment as Rs 200 (services tax and other levies as applicable shall be extra).
Check signs for gold hall marking
Here are the four components that one should look for on a hallmarked gold jewellery to ensure purity of gold:
- BIS Mark;
- Purity in Karat and fineness;
- Assaying and Hallmarking Centre’s identification mark/number;
- Jeweller’s Identification mark/number
Also read: Look for these four signs of purity while buying gold
As per the press release, under Hallmarking scheme of Bureau of Indian Standards, jewellers are registered for selling hallmarked jewellery and recognise testing and hallmarking centres. BIS (Hallmarking) Regulations, were implemented w.e.f. 14.06.2018. Hallmarking will enable consumers/jewellery buyers to make a right choice and save them from any unnecessary confusion while buying gold.
The Hallmarking of jewellery/artefacts is required to enhance the credibility of gold jewellery and customer satisfaction through third party assurance for the marked purity/fineness of gold, consumer protection.