Left Menu
Development News Edition

Govt notifies mandatory gold hallmarking; WGC welcomes move


Govt notifies mandatory gold hallmarking; WGC welcomes move

The government has notified the mandatory hallmarking of gold jewellery and artefacts, which will come into force from January 15, 2021. Till then, jewellers have been given time for implementation of this notification, violation of which would be punishable under the provisions of the Bureau of Indian Standards Act, 2016.

As per the notification, only a registered jewellers will be allowed to sell the hallmarked gold articles through certified sales outlets. Instead of ten grades earlier, registered jewellers will be allowed to sell jewellery and artefacts only in three grades of gold -- 14, 18 and 22 carat.

Gold hallmarking is a purity certification of the precious metal and is voluntary in nature at present. 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. The mandatory hallmarking is not required for gold meant for exports, if an article weighs less than two grams and which is in course of consignment from outside India to an assaying and hallmarking centre in India.

It will not apply on any article which is intended to be used for medical, dental, veterinary, scientific or industrial purposes, any article of gold thread and any manufactured article which is not substantially complete, and which is intended for further manufacture, the notification said. Hallmarked gold jewellery will have four components -- BIS mark; purity in carat and fineness; assaying and hallmarking centre's identification mark/number besides jeweller's identification mark/number.

Welcoming the move, trade body World Gold Council India Managing Director Somasundaram PR said: "The transition time of one year will allow the industry enough time to sell the existing inventory while simultaneously, working on plugging any gap in infrastructure or making suitable changes in logistics." Making hallmarking mandatory is a much-awaited progressive step to safeguard the interests of the consumers, particularly women, who put their hard-earned savings into this asset class, he said.

This reform, backed by a tight enforcement mechanism, will underpin trust and a change of perception about Indian gold jewellery, creating a favourable environment to market the famed handcrafting skills appropriately, he added. According to Somasundaram, employment potential in assaying and hallmarking will increase. Hallmarking will also create a level playing field, benefitting small players.

At present, there are 892 assaying and hallmarking centres in 234 district locations, and 28,849 jewellers have taken BIS registration. The government plans to set up hallmarking centres in each district in the country.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

Download The Devdiscourse News App for Latest News.


TRENDING

OPINION/BLOG/INTERVIEW

WEF 2020: Trump seems politically correct in pulling out from Paris Agreement

If the survey of the World Economic Forum WEF is believed, Trump seems to enjoy the confidence of his people in flaying climate intuitions and climate activists. His preference for economic development over environmental protection not only...

From home to healthcare, here are Robotic innovations transforming lives

Lovot is equipped with more than 50 sensors such as thermography, microphone array, obstacle detection, and touch sensor to generate motion and emotions in real-time....

Translating words to deeds: Achieving gender parity in access to financial resources

... ...

SDG13: How you can reduce global warming by changing your food habits

The mega narratives of various international organizations give the impression that fighting global warming is only a job of government agencies. However, the European Investment Bank EIB has designed a questionnaire which besides making th...

Videos

Latest News

FOREX-Euro near 7-week low after ECB; virus fears support yen

The euro hovered near a seven-week low against the dollar on Friday after the European Central Bank was seen as more dovish than expected, while anxiety over Chinas coronavirus outbreak propped up the safe-haven yen. The euro stood at 1.105...

U.S. to unveil crackdown on counterfeit, pirated e-commerce goods

The Trump administration plans to unveil efforts on Friday to crack down on counterfeit and pirated goods sold on major e-commerce sites and urge companies to do more to vet third-party sellers and increase self-policing efforts.Acting Depa...

GLOBAL MARKETS-Stocks steady as caution on China virus continues; euro hits 7-week low after ECB

Stocks made a barely positive start in early Asian trade on Friday after the worlds health body called it a little too early to declare a coronavirus outbreak a global emergency.But worries over rapid spread of the deadly virus kept investo...

Kerala govt decides to acquire land for semi-high speed rail project

A meeting was chaired by Kerala Chief Minister Pinarayi Vijayan here on Thursday regarding the semi-high speed rail project, in which it has been decided to form land acquisition cells to expedite land acquisition. With only a year left f...

Give Feedback