The mandatory hallmarking system for gold jewelery and artifacts will come into effect from June 16, the central government said on Tuesday. It will be implemented in a phased manner and will initially be implemented in 256 districts. Hallmarking is a certificate of precious metal purity and currently the system is voluntary. In such a situation, the question now arises as to whether gold kept in the home is worthless. Given these practical issues, the government has given little rest.
In 2019, the government has announced that from January 15, 2021, Hallmarking will be made mandatory on gold jewelery and artifacts. But then the deadline was extended to four months until June 1. It was pushed back to June 15 after jewelers requested an extension of the deadline due to an epidemic. After the meeting, Consumer Affairs Minister Piyush Goyal wrote on Twitter, “It is our government’s continuous effort to ensure good customer safety and satisfaction.
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The mandatory hallmarking system will be implemented gradually and initially in 256 districts, Consumer Affairs Secretary Leena Nandan told PTI. It has centers for checking the purity of precious metal. The secretary said industry concerns were addressed at the meeting.
They get a discount
According to an official statement, after careful deliberation, the government has exempted certain entities from the mandatory hallmarking system in the jewelery sector. For example, jewelery manufacturers with a turnover of Rs 40 lakh per annum are exempted from mandatory hallmarking. In addition, there is an exemption for international exhibition as well as B2B (amongst merchants) domestic exhibits with government approval.
From June 16, jewelers in 256 districts will be allowed to sell only 14, 18 and 22 carat gold jewelery, the statement said. Hallmarking is allowed for an additional 20, 23 and 24 carat gold. In addition, the government says it exempts watches, fountain pens, and gold used in mandatory hallmarking on Kundan, Polki and Jadou jewelery.
Jewelers are able to buy gold from customers without hallmarking
According to the statement, “Jewelers can continue to buy gold from consumers without distinctive features. If the old jewelery is melted and the new jewelery can be practiced by the jeweler.” The Bureau of Indian Standards (BIS) has been conducting a hallmarking scheme for jewelery since April 2000. Currently, about 40 percent of gold jewelery is being marketed.
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