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What is the News?
The government said that it is fully prepared to implement the mandatory hallmarking of gold jewellery and artefacts from June 1, 2021.
What is Gold hallmarking?
- Gold hallmarking is a purity certification of precious metal. At present, It is voluntary in nature.
Gold Hallmarking in India:
- In 2019, as per the Government announcement, hallmarking of gold jewellery and artefacts became mandatory across the country.
- The government had given jewellers more than a year to shift to hallmarking and register themselves with the Bureau of Indian Standards (BIS).
Key Features of Gold Hallmarking:
- Firstly, Hallmarked gold jewellery will only available in three grades – 14-carat, 18-carat and 22-carat. Currently, it is available in ten grades.
- Secondly, The Hallmarked Gold jewellery will contain four marks. Such as BIS mark, purity in carat, assay centre’s name and jewellers’ identification mark.
- Thirdly, Applicability: The rule is applicable only to sales by retailers and not to consumers. However, it is available for consumers if they want to get their old jewellery hallmarked.
- Fourthly, Penalty: Anybody found violating the provision, will have to pay a minimum fine of Rs 1 lakh or 5 times the price of the article.
Benefits of Gold Hallmarking:
- Firstly, Gold Hallmarking will protect the public against lower caratage. It also ensures consumers do not get cheated while buying gold ornaments.
- Further, it will also help to get the purity, bring in transparency and assure the consumers of quality.
- Lastly, the new system will also weed out anomalies and corruption in the system of manufacturing of jewellery.
Note: India is the largest importer of gold. In volume terms, the country imports 700-800 tonne of gold annually.
Source: Indian Express