Recently, the Union government announced that it has made hallmarking of gold mandatory.
- The government has announced the phased implementation of mandatory hallmarking of gold jewellery with effect from June 16.
- In the first phase, gold hallmarking will be available only in 256 districts of the country which have Assaying marking centres.
- Gold of Additional carats 20, 23 and 24 will also be allowed for Hallmarking.
- However, Jewellers can continue to buy back old gold jewellery without a hallmark from consumers.
- In order to give adequate time to the manufacturers, wholesalers and retailers of Gold Jewellery, there would be No penalties till August end.
- Old jewellery can be hallmarked as it is, if feasible by the jeweller or after melting and making new jewellery.
Following will be exempted from mandatory hallmarking
- Jewellers with annual turnover upto Rs. 40 lakh.
- 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.
- Watches, fountain pens and special types of jewellery viz. Kundan, Polki and Jadau
Hallmarking scheme of BIS
- Under the 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.
- At present, only 30% of Indian Gold Jewellery is hallmarked.
Metals covered hallmarking in India
The government, through a notification issued on June 14, 2018, notified two categories gold jewellery and gold artefacts; and silver jewellery and silver artefacts under the purview of hallmarking. So, hallmarking in India is available for jewellery of only two metals gold and silver.
What is hallmarking of gold?
According to BIS, hallmarking is the accurate determination and official recording of the proportionate content of precious metal in precious metal articles. So, it is a guarantee of purity or fineness of precious metal articles.
Why is Hallmarking required & important?
- 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 Jewelry and Customer satisfaction through third party assurance for the marked purity/fineness of gold , consumer protection.
- This step will also help to develop India as a leading gold market center in the World.