Sunday, July 25, 2021

Mandatory hallmarking of gold to come into force from today

Mandatory Hallmarking of Gold Jewellery has come into force from today. Hallmarking has been initially started in 256 districts of the country which have Assaying marking centres.

Union Ministry of Consumer Affairs has informed that after wide range discussions with various stakeholders, a set of decisions have been taken regarding Hallmarking which will benefit both customers and businesses. Under the new provisions, Gold of additional carats including 20, 23 and 24 have also been allowed for Hallmarking.

In order to give adequate time to the manufacturers, wholesalers and retailers of Gold Jewellery, no penalties will be levied till August end this year. No restrictions have been imposed on Jewellers to buy back old gold jewellery without hallmark from consumers. Jewellers with annual turnover of upto 40 lakh rupees have been exempted from the mandatory Hallmarking. Among others included in the list of exemptions are watches, fountain pens and special types of jewellery namely Kundan, Polki and Jadau. Jewellery for international exhibitions, government approved B2B domestic exhibitions have also been exempted.

Under the new provision, old jewellery can also be hallmarked by the jeweller as per feasibility. The Consumer Affairs Ministry has informed that a committee consisting of representatives of all stake holders, revenue officials and legal experts will be formed to look into the issues that may possibly emerge during the implementation of the scheme.
Under Hallmarking scheme of Bureau of Indian Standards, Jewellers are registered for selling hallmarked jewellery. The Consumer Affairs Ministry has said that Hallmarking will enable Consumers to make a right choice and will save them from any unnecessary confusion while buying gold. At present, only 30 per cent of Indian Gold Jewellery is hallmarked.

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