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GS-III : Economic Issues Gold investment

16 June, 2021
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Mandatory Hallmarking of Gold

Hallmarking of Gold

Mandatory Hallmarking of Gold Jewellery is going to come into force from tomorrow, 16th June 2021.

Under Hallmarking scheme of the Bureau of Indian Standards, Jewellers are registered for selling hallmarked jewellery and recognise testing and Hallmarking centres.
BIS (Hallmarking) Regulations, were implemented w.e.f. 14.06.2018. Hallmarking will enable Consumers/Jewellery buyers to make a right choice and save them from any unnecessary confusion while buying gold.
At present, only 30% of Indian Gold Jewellery is hallmarked.
India is the world’s largest importer of gold, with annual imports of 700-800 tonne.

The jewellers have been given one year time to register with the Bureau of Indian Standards (BIS) and clear their stocks if not hallmarked yet.
Hallmarked gold jewellery will be only in three grades – 14-carat, 18-carat and 22-carat instead of current availability of ten grades.
It will contain four marks:

BIS mark,
Purity in carat,
Assay centre’s name and
Jewellers’ identification mark.

The rule is applicable only on sales by retailers and not to consumers. However, it is available for consumers who want to get their old jewellery hallmarked.
Anybody found violating the provision, will have to pay a minimum fine of Rs 1 lakh or 5 times the price of the article.
The government had informed about these hallmarking norms to the World Trade Organisation (WTO), which will help exporters get to know the changes in advance in importing country like India.
Impact of Hallmarking of Gold

The Hallmarking of jewellery/artefacts is required to enhance the credibility of gold Jewellry and Customer satisfaction through third party assurance for the marked purity/fineness of gold , consumer protection.
This step will also help to develop India as a leading gold market centre in the World.
It will also help to get the purity as marked on the ornaments.
It will bring transparency and assure the consumers of quality.
The new system will weed out anomalies and corruption in the system of manufacturing of jewellery.

Source: PIB

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