As soon as the hallmark is imposed on gold jewelery, jewelers have begun to accelerate. Currently, more than four lakh jewelry is being hallmarked every day. Since the mandate of Hallmarking in June this year, 1.17 crore jewelery has been hallmarked so far. This is a sharp increase from July. Given the fact that the number of jewelry sent to hallmarking has tripled, one can measure how seriously jewelry merchants are taking hallmarking.
Bullion unions across the country are going on strike today
The country’s 350 bullion associations called for a strike on August 23 to protest against hallmarking. Hallmarking centers have not been set up in the country on demand, he says. Because of this, you will have to wait several days at the hallmarking centers. This is affecting business. He is already facing hardships due to the corona crisis.
Hallmarking is not too expensive
If jewelers demand more in the Hallmark name, be careful. According to BIS, the hallmarking fee is only Rs 35 per jewel. Previous hallmarking in the country was voluntary, meaning jewelers could do hallmarking if desired. In such a situation, only the hallmarking ornaments of the big jewelry dealers were sold. But other small jewelry retailers preferred to sell without Hallmark. Now that it is mandatory, even small jewelers are hallmarking.
Customers benefit from hallmarking
The Bureau of Indian Standards (BIS) regulates gold hallmarking. Hallmarking standards are maintained in terms of accuracy. Hallmarked jewelry is a guarantee of purity. There is no deduction other than the Making Fee on selling it. Apart from this, even when taking out a gold loan, banks prefer it.
Competition for Hallmarking Registration
BIS Director General Pramod Kumar Tiwari said there was a boom in registration among jewelery traders after the mandate of hallmarking. Between July 1 and August 20, the number of registered jewelry dealers increased by more than 91 thousand. This number has more than doubled before hallmarking becomes mandatory in June. Prior to June 16, there were 40,000 jewelers in the country with Hallmark registration alone.
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Registration has tripled in a month
Tiwari said the number of jewelery sent to Hallmark centers for Hallmark registration has nearly tripled in a month. From July 1 to July 15, the number of jewelry sent to Seed Hallmark Centers was 5145. Between August 1 and August 15, the number rose to 14349. Similarly, between July 1 and 15, the number of Hallmark jewelery was 14.28 lakh, which rose to 42 lakh between August 1 and 15.
Who is exempt from Hallmarking
The government has raised Rs. Jewel traders with annual turnover of less than 40 lakhs are exempted from compulsory hallmarking rules. Experts say this will provide relief to rural jewelery traders who lack resources. In addition, Kundan, Polki and Jadou jewelery and pens are exempt from hallmarking.