New Rule for Gold: Till now, hallmarking was mandatory only on gold jewellery, coins, and other artefacts that were being sold to customers. Now preparations are being made to make hallmarking mandatory on gold that is imported or bought by jewellers and bullion traders from their own sources.
New Rule for Gold: To ensure high purity of gold, the government is going to make hallmarking mandatory on every type of gold. This means that hallmarking will be mandatory on gold that is imported or bought by jewellers and bullion traders. This system will be implemented from January 2025. An almost agreement has been reached on this between the Bureau of Indian Standards (BIS) and the concerned parties.
Till now hallmarking was mandatory only on gold jewellery, coins and other artefacts that were sold to the customer. Its purpose was that the customer should know the correct quality of gold. Now the government wants to ensure the purity of gold in every process, so it is now making hallmarking mandatory for gold that is imported and that is purchased by jewellers and bullion dealers anywhere within the country.
New Rule for Gold: Monitoring of gold trade will now become easier
Experts say that this system will ensure high purity, and the government will get a chance to keep a complete watch on the gold trade. The government wants that the gold that is coming to India should be brought under the rules of standards. This will prevent adulteration of gold and also reduce smuggling.
The government will get accurate information about the amount of gold purchased by a jeweler or businessman. Then, his stock account will tell how much of the gold purchased has been sold. After BIS hallmarking, all types of gold will be available in government records.
New Rule for Gold: BIS submitted the report
A sub-committee of BIS has submitted its report on hallmarking, after which the further process has started. According to the sources, under the new rules, the jewellery or artwork that the jeweller makes for his personal use can be exempted from the mandatory rules of hallmarking.
New Rule for Gold: There are many problems regarding hallmarking
According to the current rules, the jewellery that is sold to the customers must have a hallmark. But till now there is no hallmarking centre everywhere in the whole country. Due to this, jewellery without hallmark is still being sold at many places. Chairman of All Bullion and Jewellers Association Yogesh Singhal says that the government’s only aim is to increase revenue and monitoring in the name of hallmarking.
Now more than 52 rupees are being charged per piece. Apart from this, more than half of the districts in the country still do not have the facility of hallmarking. He says that the government should first set up hallmark centers, after that hallmarking should be made mandatory on all types of gold.
This rule is already applicable here.
The process of certifying the purity and fineness of gold is called hallmarking. The Bureau of Indian Standards has already made hallmarking mandatory on 14 carat, 18 carat, 22 carat, 23 carat, and 24 carat jewellery and artifacts. This rule has come into effect from 2022. This step has been taken to make gold purchases safe and protect customers from fraud.
Purity grades in hallmarking
22 karat (916): 91.6% pure gold
18 karat (750): 75% pure gold
14 karat (585): 58.5% gold
– Hallmarking center mark
– Jeweller’s mark
How many carats is pure gold?
The purest form of gold is 24 carat. It is very soft, so gold jewellery cannot be made from it. Mostly 14 to 22 carat gold is used to make gold jewellery and other items, which contains a maximum of 91.6% gold. Apart from this, metals like silver, copper and zinc are also mixed in gold jewellery to give it strength. That is why it is important to always check the carat while buying gold.
