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Source: The post is based on the article “Centre planning hallmarking of gold bullion mandatory, says BIS” published in Business Standard on 7th March 2023.
What is the News?
Bureau of India Standards (BIS) has prohibited the sale of hallmarked gold jewellery or gold artefacts without 6 digits alphanumeric Hallmark Unique Identification Number(HUID) after 31st March 2023.
Till now, the old hallmarked jewellery with four marks without HUID was also permitted to be sold by the jewellers along with the 6-digit HUID mark.
What is Hallmarking?
About Hallmarking Scheme for Jewellery
Hallmarking scheme for Jewelry was started by BIS in the year 2000. However, Mandatory Hallmarking has been successfully implemented since June 2021.
Hallmark consists of 3 symbols which give you some information. In this, the first symbol is the BIS logo, the second symbol indicates purity and fineness and the third symbol is the HUID.
What is Hallmark Unique Identification(HUID)?
Hallmark Unique Identification (HUID) number is a six-digit Alphanumeric code consisting of numbers and letters.
HUID will be given to every piece of jewellery at the time of hallmarking and it is unique for every piece of jewellery.
The jewellery is stamped with the unique number manually at the Assaying & Hallmarking centre.
How does the Consumer benefit from HUID?
HUID-based Hallmarking is a win-win for everyone. It brings about transparency, ensures consumers’ rights and obviates the chances of Inspector Raj. Anyone can get existing jewellery Hallmarked and get a true valuation of Gold.
What happens if the hallmarked jewellery is found of lesser purity?
As per section 49 of BIS Rules, 2018 in case Hallmarked Jewellery bought by the consumer is found to be of lesser purity than that marked on the jewellery, then the buyer/customer shall be entitled for compensation which shall be two times the amount of difference calculated on the basis of shortage of purity for the weight of such article sold and the testing charges.