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What is the News? The government has announced the phased implementation of mandatory Gold Hallmarking of Jewelry, with effect from June 16, 2021.
What is gold Hallmarking?
- The Bureau of Indian Standard (BIS) operates the gold and silver hallmarking scheme in India. It defines hallmarking as the accurate determination and official recording of the proportion of a precious metal(gold) in an article(Jewelry).
- Hence, this means that it will guarantee the purity or fineness of precious metal articles.
Which metals are covered under the scheme?
- The Government of India has notified two categories under the purview of hallmarking—gold jewelry and gold artifacts and silver jewelry and silver artifacts.
- Therefore, hallmarking in India is available for the jewelry of only two metals—gold and silver.
Which metals have been exempted from hallmarking?
- Export and re-import of jewelry as per Trade Policy of Government.
- Jewelry for international exhibitions and government-approved B2B domestic exhibitions.
- Watches, fountain pens, and special types of jewelry such as Kundan, Polki, and Jadau.
What was the need of making Gold Hallmarking mandatory?
- India is the biggest consumer of gold. However, the level of hallmarked jewelry is very low in the country. At present, only 30% of Indian gold jewelry is hallmarked.
- This is due to the non-availability of sufficient assaying and hallmarking centers (A&HC) responsible for a low level of hallmarked jewelry. Hence, Gold Hallmarking has been made mandatory.
Phase wise implementation:
- In the first phase, gold hallmarking will be available only in 256 districts.
- Jewelers having an annual turnover above Rs 40 lakh will come under its purview.
- Moreover, there will be no penalty imposed till August 2021.
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Source: Indian Express