From June 1, 2021, the government plans to make obligatory hallmarking of gold jewelry and artifacts. The government declared in November 2019 that hallmarking of gold jewelry and artifacts will become obligatory throughout the country on January 15, 2021. However, the deadline was postponed by four months after jewelers requested additional time due to the Covid-19 pandemic.
Here’s what you need to hear about gold hallmarking.
- At the moment, gold hallmarking is a voluntary process that certifies the purity of the precious metal.
- According to the government, the purpose of mandatory hallmarking of gold and silver ornaments is to prevent consumers from being duped by poor gold or silver content.
- Beginning June 1, 2021, jewelers will only be able to market gold jewelry that is 14, 18, or 22 carats.
- According to an article in PTI, the BIS has so far reported 34,647 jewelers.
- “There has been no request for an extension. The Bureau of Indian Standards (BIS) is now fully operational and in the process of issuing hallmarking permissions to jewelers “In a virtual press conference, Consumer Affairs Secretary Leena Nandan stated.
- The registration procedure is now fully automated and conducted electronically.
7.Since April 2000, the BIS has operated a gold jewellery hallmarking programme.
- About 40% of gold jewellery is actually hallmarked.
- The BIS claims that obligatory hallmarking will shield the public from lower caratage and ensure that buyers are not duped when purchasing gold ornaments and receive the purity specified on the ornaments.
- Per year, India imports 700-800 tonnes of gold.