Mandatory gold hallmarking from today; What does it mean?
Mandatory hallmarking of gold jewellery and artefacts will come into force from today (June 16) in a phased manner and initially will be implemented in 256 districts.
India is the largest importer of gold, which mainly caters to the demand of the jewellery industry. In volume terms, the country imports 700-800 tonne of gold annually.
The Centre had in November 2019, announced that hallmarking of gold jewellery and artefacts would be made mandatory across the country from January 15, 2021. But the deadline was extended for four months till June 1, which was again further extended to June 16, after the jewellers sought more time to implement in the wake of the COVID-19 pandemic.
Here is what Mandatory gold hallmarking means for you
1. Gold hallmarking is a purity certification of the precious metal and is voluntary in nature at present.
2. From June 1, jewellers will be allowed to sell only 14, 18 and 22 carats of gold jewellery.
3. The BIS is already running a hallmarking scheme for gold jewellery since April 2000, and around 40 per cent of gold jewellery is being hallmarked currently.
4. According to the BIS, the mandatory hallmarking will protect the public against lower caratage and ensure consumers do not get cheated while buying gold ornaments and get the purity as marked on the ornaments.
5. In 2020, the government had launched the online system of Registration and Renewal of Jewellers and online system of recognition and renewal of the Assaying and Hallmarking Centres. This online system can be accessed through Bureau of Indian Standards web portal www.manakonline.in. The best thing about the online system is that there will be no human interface in processing the applications. Jewellers can apply online and submit required necessary documents and fees for obtaining a licence through this online portal. The moment a jeweller submits the application with the requisite fees, he will be granted registration. A mail and SMS alert will go to him, informing Registration Number, and then he can download and print the Certificate of Registration using the Registration Number.