Things to know about hallmarking of gold | Fusion - WeRIndia

Things to know about hallmarking of gold

Things to know about hallmarking of gold

Now, the government made hallmarking mandatory for gold and issued an order on this. It applies to all gold jewellers except for those who have an annual turnover below ₹40 lakhs.

Here are the details about the hallmarking rules of gold:

  • As per the new order, all manufacturers, wholesalers, importers, distributors or retailers that deal with gold or sell jewellery made of gold have to register with the Bureau of Indian Standard (BIS). However, gold jewellers whose annual turnover is less than ₹40 lakhs are exempted from this order.
  • Also, special types of jewellery items like Kundan, Polki and Jadau and watches and fountains pens will be exempted from hallmarking.
  • The registration process is one-time. Jewellers need not pay any fee for it.
  • In the first phase, hallmarking is available in 256 districts across the country.
  • The assaying and hallmarking centres have been increasing for the last five years. There are 943 centres at present.
  • There are three categories of hallmarking as per the purity of gold – 22 carats, 18 carats and 14 carats. For 20 carats, 23 carats and 24 carats also, there will be hallmarking.
  • Hallmarking is made mandatory in the country to provide quality gold to customers. Though India is the biggest consumer, the sale of hallmarked gold jewellery is very low. Only 30 per cent of gold jewellers are hallmarked at present.
  • There are many reasons for it. One is the lack of adequate number of assaying and hallmarking centres (A&HC) in the country.
  • One A&H centre can hallmark 1500 gold articles in a day. Each year, around 14 crore articles are hallmarked by these centres.
  • Hallmarking does not apply to the sale of gold from customers. Jewellers can continue to buy back old gold jewellery without a hallmark from customers.

Photo by pics_pd on Pixnio (Free for commercial use / CC0 Public Domain)



Image Reference: https://pixnio.com/objects/jewelry/jewelry-box-jewelry-necklace-decoration-gold-luxury

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