Mandatory hallmarking of gold jewellery kicks in
Tribune News Service
New Delhi, June 16
Marking a major change in India’s favourite investment option, “mandatory” hallmarking of gold jewellery was kicked off today in a “phased” manner from 256 districts of the country.
However, watches, fountain pens and popular style of jewellery such as ‘kundan’, ‘polki’ and ‘jadau’ are exempted from hallmarking. Small jewellers with less than Rs 40 lakh annual turnover are also exempted, BIS Director-General Pramod Kumar Tiwari said.
Balanced and positive decision
Hallmarking of gold is a conscious, balanced and positive decision that is good for the country and consumers. We are making a new beginning with this historic decision. —Pramod Kumar Tiwari, director general, bis
Women having traditional and old jewellery can also sell without going through the process. Old jewellery can be hallmarked as it is, if feasible by the jeweller or after melting and making new jewellery, he said. Jewellery for international exhibitions and for government-approved B2B domestic exhibitions will also be exempted from mandatory hallmarking.
Amid speculations that the government has decided to “exempt” small jewellers “under pressure”, Tiwari said the assaying facilities are yet not available in many parts of the country, especially remote areas and villages. Besides, it is a voluntary option and when customers demand, small jewellers will have to opt for it. “Consumer is the king, ultimately they will decide the future course of action,” he said. Meanwhile, to give adequate time to the manufacturers, wholesalers and retailers, there will be no penalties till August-end.
