The government has made gold hallmarking mandatory from August 31, leaving jewelers unhappy with the decision. The jewelers have sought one year’s time for the same. After August 31, you will no longer have to worry about the purity of the gold.
A hallmark on the gold jewellery will assure that the yellow metal is pure. When buying gold, check the triangular mark from the Bureau of Indian Standards on the hallmark. The purity of the gold will also be inscribed with the hallmark.
Meanwhile, the government has covered 256 districts in 28 states in the first phase of gold hallmarking.
Hallmarking and its benefits
According to the BIS portal, hallmarking is the accurate determination and official record of the proportional content of precious metal in precious metal articles.
In simple words, it is an official stamp or certificate assuring the purity or fineness of precious metal artefacts or jewellery. The hallmarking will be done in 14, 18 and 22 karat gold.
The hallmarking indicates the exact quality of the gold used. It also protects the consumer from counterfeiting or purchasing inferior quality, thus safeguarding customers’ interests.
A hallmark consists of the following: BIS Mark, purity in carats and fineness, assaying/hallmarking centre’s identification mark/number and jeweller’s identification mark/number.
Items exempted from hallmarking
Bullion gold like bars and coins are excluded from the mandatory hallmarking. Also, gold jewelry weighing less than two grams is excluded.
Well, mandatory hallmarking is applicable to jewelers and it will no way affect any jewellery you have previously purchased. The user does not incur a penalty for the storage and/or use of jewellery without a hallmarking.
Gifting or selling gold jewellery without hallmarking
There are no effects. However, the recipient does not receive any guarantee of the purity of the gold. If the jewellery do not have the hallmark and you want to sell it to a jeweler, then they will determine the purity to buy it.