The Government had made Hallmarking of gold jewellery mandatory in India from June 16th. The Bureau of Indian Standards (BIS) Has the designated authority for implementing hallmarking of gold jewellery, and this move is expected to increase consumer trust and transparency in the jewellery industry. The BIS issues a quality certificate that guarantees the purity of gold in a particular piece of jewellery. Based on purity tests at certificated centres, this certificate will be issued to all registered jewellers.
Hallmarking is a mark that is applied to precious metals (platinum, gold, palladium, or silver) to show that they have been independently tested and verified and thus meet all legal purity and fineness standards. Consumers and jewellery buyers will be able to make authentic choices and avoid unnecessary confusion when purchasing gold. Only 30% of Indian gold jewellery is hallmarked at the moment. Only 945 assaying and hallmarking centres (A&HC) are present in India, despite the fact that the Bureau of Indian Standards (BIS) has certified 35,879 jewellers across the country.
With some exceptions, the government has made it mandatory for jewellers to hallmark gold jewellery. Jewellers with annual sales of less than Rs 40 lakh will be exempt from the mandatory hallmarking requirement.Jewelry for international exhibitions, as well as jewellery for government-approved domestic business-to-business exhibitions, will be exempted. Watches, fountain pens, and unique types of jewellery like Kundan, Polki, and Jadau have all been exempted from the new regulations.
Additional carats 20, 23, and 24 will be able to be hallmarked.Hallmarking of jewellery and artefacts is required to increase the credibility of gold jewellery and customer satisfaction by providing third-party assurance of the marked purity/fineness of gold, as well as consumer protection. This step will also aid India's development as a global gold market centre.
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