Gold Buyers Attention! Jewellery purchase rule set to change from 1st Jan. All you need to know
Are you planning to buy gold or silver jewellery? Then this news is important to you. As rules regarding the purchase of gold jewellery are set to change from the new year i.e January 1. This new rule will also affect the gold rates but it will also help you in buying pure gold. According to the report, after a long wait, the Ministry of Consumer Affairs has approved mandatory hallmarking of gold and silver jewellery. Compulsory hallmarking will be applicable from 1 January.
Hallmarking on gold-silver jewellery will be completely mandatory from 1 January. The Ministry of Consumer Affairs is likely to issue notification regarding this by next week, a news report said. The report also added, at least 1 year time will be given for implementing mandatory hallmarking in remote areas. To be noted, this decision of the government is going to have a major impact on the jewellery industry.
At present, only 40 % of gold and silver jewellery are hallmarked. India is the largest importer of gold, which mainly caters to the demand of the jewellery industry. India imports around 700-800 tonnes of gold every year.
Hallmarking of jewellery:
The government will make hallmarking mandatory for 14 carats, 16 carats, 18 carats, 20 carats and 22-carat jewellery from 1 January. For this, 400 to 500 new accessing centres will be opened. At present, there are more than 700 accessing centres in the country.
What is hallmarking:
The BIS hallmark is a hallmarking system for gold as well as silver jewellery sold in India certifying to the purity of the metal. It certifies that the piece of jewellery conforms to a set of standards laid by the Bureau of Indian Standards, the national standards organization of India.
BIS hallmark for gold jewellery consists of several components:The BIS logo.
Gold Buyers Attention! Jewellery purchase rule set to change from 1st Jan. All you need to know
A three-digit no, indicating the purity of the gold in part-per-thousand-format viz; 958, 916, 875, 833,792,750,708,667, 585, 375. Thus a BIS 916 hallmark would certify to a purity of 916 per 1000, that is 91.6%, translating to a 22-carat purity of gold.
Logo of the assaying centre.
A code denoting the year of hallmarking.
Logo/code of the jeweller.
