Hallmarking mandatory on gold jewelry, will there be hallmark on old jewelery too, know important things
The Bureau of Indian Standards has been running the scheme of hallmarking of gold jewelery since the year 2000. According to estimates, there are around 4 lakh jewelers in India, of which only about 10 per cent were registered before the scheme was implemented. India imports 700-800 tonnes of gold every year. Consumer Affairs Secretary Leena London said that at present, merchants with annual turnover of up to 40 lakhs will be exempted from hallmarking jewelry. Those who export-import jewelery under the trade policy. Jewelery for international exhibition and jewelery for domestic exhibition recognized by the government will be exempted from this.
Hallmarking of gold jewelery has been made mandatory in order to ensure standard rates on gold purity for the customers. Hallmarking on gold jewelery is a measure of purity. Which so far has been voluntary. Hallmarking means that gold can now be sold at standard rates and there will be a uniform valuation of gold as against hallmarked.
With this initiative, people will be saved from frauds while buying gold jewelery and customers will be Jewelery The accuracy will be guaranteed. From today, jewelers will be allowed to sell only jewelery of 14, 18 and 22 carats. Gold of 20, 23 and 24 carat will also be allowed for hallmarking.
The government says that hallmarking is needed to enhance the reliability, customer satisfaction and consumer protection of gold jewellery. Till now only 40 per cent of gold jewelery was hallmarked.
Let us inform that in November 2019, the government had announced to make ‘hallmarking’ mandatory on gold jewelery and artefacts from January 15, 2021. However, it was extended by four months after jewelers demanded an extension of the deadline due to the Corona epidemic.
According to the rules of hallmarking, gold jewelery will have four identities. First – BIS Mark, Second – Carat and Gold Fineness, Third – Hallmarking Center Number and Fourth – Jewelers Identification Number.
The BIS mark or logo will tell you whether the jewelery has been certified by a lab licensed by the Bureau of Indian Standards. Also, from which lab this certification has been done, you will also get information about it.
The purity of gold is measured by carat and fineness. Finesse will be written on the jewelry in the ratio of 14, 18 and 22 carats per thousand. That is, 22K for 22 carat jewelry and 916 for fineness, that is, 91.6 percent gold and other metals will be in such jewelry. Gold of 14 carat will contain 58.5 percent gold and other metals. Gold jewelery of 18 carat will contain 75 percent gold.
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