Phased mandatory hallmarking of gold jewellery kicks in India’s 256 districts
Vibha Sharma
Tribune News Service
New Delhi, June 16
Marking a major change in India’s favourite investment option, Gold, “mandatory” hallmarking of gold jewellery on Tuesday kicked off in a “phased” manner from 256 districts of the country with assaying marking centres.
However, watches, fountain pens and popular style of jewellery like ‘Kundan’, ‘Polki’ and ‘Jadau’ are exempted from hallmarking. Also exempted are small jewellers with less than Rs 40 lakh annual turnover, BIS Director-General Pramod Kumar Tiwari told media persons.
What’s happening
- Hallmarking initially in 256 districts with assaying marking centres
- Gold of additional carats 20, 23 and 24 will also be allowed for hallmarking
- Jewellers can continue to buy back old gold jewellery without hallmark from consumers
Women having traditional/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 and villages. Besides, it is a voluntary option, and when customers make such a demand, small jewellers will also have to opt for it.
“Consumer is the king, ultimately they will decide the ultimate 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.
Hallmarking of gold is a “conscious, balanced, positive decision that is good for the country and consumers. We are making a new beginning with this historic decision. It is a positive initiative by the government”, he said.
Jewellers are registered for selling hallmarked jewellery and recognised testing and hallmarking centres. Hallmarking will enable consumers/Jewellery buyers to make the right choice and save them from any unnecessary confusion while buying gold. At present, only 30 per cent of Indian Gold Jewellery is hallmarked, he said.
