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Tag: Gold hallmarking

  • Mandatory gold hallmarking rollout easy in 256 districts, planning for wider implementation: Govt

    The rollout of obligatory hallmarking of gold jewelry in 256 districts has been easy thus far and the method of increasing it to all districts of the nation is now underway, in response to the Consumer Affairs Ministry.
    Hallmarking, a top quality certification, has been made obligatory with impact from June 23, 2021 for 14, 18, and 22 carat gold jewelry and artifacts in 256 districts of the nation, the place there may be no less than one Assaying and Hallmarking Centre (AHC).
    “Overall, the rollout of mandatory hallmarking has been smooth, and the process for expanding it to all districts of the country is now underway,” the ministry mentioned in its month-to-month report ready for the cabinet.
    With facilitative measures taken by the Bureau of Indian Standards (BIS) equivalent to on-line registration, zero registration price for jewellers, life-time validity of registration and so on, the variety of jewellers registered with the BIS have nearly quadrupled because the launch of obligatory hallmarking.

    As on date, 1.27 lakh jewellers have taken registration from BIS for promoting hallmarked jewelry and 976 BIS acknowledged AHCs are operative within the nation, the report mentioned.
    After the launch of automation software program, in a interval of 5 months, nearly 4.5 crore jewelry items have been hallmarked within the nation, it added.
    Further, the Ministry mentioned a Hallmarking Unique ID (HUID)-based system has been launched to make sure better transparency within the functioning of the gold jewelry business and for offering credibility of hallmark to customers.
    “Through continuous and detailed interaction with stakeholders, BIS has attempted to address their concerns,” it added.
    In November 2019, the federal government had introduced that hallmarking of gold jewelry and artifacts could be made obligatory throughout the nation from January 15, 2021.

    But the deadline was prolonged by 4 months until June 1, and later until June 23, after the jewellers sought extra time in view of the pandemic.
    India is the biggest importer of gold, which primarily caters to the demand of the jewelry business. In quantity phrases, the nation imports 700-800 tonne of gold yearly.

  • What do the brand new hallmarking  guidelines imply for you?

    From 16 June, jewellers have been allowed to promote solely hallmarked gold jewelry and artefacts. The authorities has deliberate a phase-wise implementation of obligatory hallmarking below the Hallmarking of Gold Jewellery and Gold Artefacts Order, 2020. Mint explores:

    What is hallmarking and what does it price?

    Hallmarking is a certification of purity given by assaying and hallmarking centres (AHCs) accredited by the Bureau of Indian Standards (BIS). It signifies that the gold jewelry is of the identical high quality as promised by the jeweller. There are 4 fundamental indicators of hallmarking —the BIS mark denoted by a triangle; the caratage (22K915) displaying purity; the mark of the jeweller; and that of the accredited BIS. Hallmarking of gold jewelry is allowed in 14, 18, 20, 22, 23 and 24 carats. The hallmarking costs are ₹35 plus GST per piece, regardless of the burden of the jewelry.

    Can I promote outdated non-hallmarked jewelry?

    It has been clarified that jewellers can proceed to purchase non-hallmarked jewelry. If it’s possible, jewellers can get the outdated jewelry hallmarked as it’s, or they will buy such jewelry and soften it and convert it into new jewelry and get it hallmarked earlier than promoting. However, if you’re promoting non-hallmarked jewelry, you want to watch out. Ideally, it is best to attempt to promote it to the identical jeweller from whom you’ve purchased the jewelry. Otherwise, it is best to get the caratage of the jewelry ascertained after which verify with totally different jewellers for the value they’re providing.

    View Full ImageSign of purity

    Are some jewellers exempted from new guidelines?

    Yes, presently, obligatory hallmarking will probably be rolled out in 256 districts of the nation which have AHCs. Jewellers with annual turnover as much as ₹40 lakh don’t fall throughout the purview of obligatory hallmarking. They can, nonetheless, get registration in the event that they want to promote hallmarked jewelry. Also, hallmarking shouldn’t be obligatory for gold jewelry weighing lower than two grams.

    Can I verify if the jewelry is real?

    There is a malpractice referred to as “dabba hallmarking” whereby certification is finished with out due sampling or verification, or pretend hallmarking. A jeweller can even put the signal of hallmarking by itself by shopping for  the  machine. You can ask for the jeweller’s BIS registration or licence quantity. Jewellers are required to prominently show this licence of their gross sales shops. You can even get the jewelry checked on the AHCs by paying ₹200 as costs. In case of fraud, the jeweller should pay penalty.

    Will new guidelines affect loans in opposition to gold?

    During the pandemic, many  folks have availed of gold loans. Lenders have been taking non-hallmarked gold as collateral in opposition to the gold mortgage. This will proceed because the Reserve Bank of India (RBI) laws don’t discuss obligatory hallmarking of gold taken as collateral. It says the gold taken as collateral must be valued on the common of the closing value of twenty-two carat gold for the previous 30 days as quoted by the India Bullion and Jewellers Association Ltd. So, debtors of gold loans are unlikely to be impacted.

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