Recently, the government has extended its deadline for mandatory hallmarking of gold jewellery to June 15 from its previous deadline of June 1.
Hallmarking of Gold
- Gold hallmarking is a purity certification of the precious metal and is voluntary in nature at present.
- The Hallmarking of jewellery/artefacts is required to enhance the credibility of gold Jewellry and Customer satisfaction.
- Under Hallmarking scheme of Bureau of Indian Standards, Jewellers are registered for selling hallmarked jewellery and recognise testing and Hallmarking centres.
- Hallmarked gold jewellery will only available in three grades – 14-carat, 18-carat and 22-carat.
- Currently, it is available in ten grades.
- The Hallmarked Gold jewellery will contain four marks.
- Such as BIS mark, purity in carat, assay centre’s name and jewellers’ identification mark.
- The rule is applicable only to sales by retailers and not to consumers.
- However, it is available for consumers if they want to get their old jewellery hallmarked.
- Anybody found violating the provision, will have to pay a minimum fine of Rs 1 lakh or 5 times the price of the article.
Significance of Hallmarking of Gold
- Hallmarking will enable Consumers/Jewellery buyers to make the right choice and save them from any unnecessary confusion while buying gold.
- It will enhance the credibility of gold Jewelry and Customer satisfaction through third-party assurance for the marked purity/fineness of gold, consumer protection.
- This step will also help to develop India as a leading gold market center in the World.
- India is the largest importer of gold.
- At present, only 30% of Indian Gold Jewellery is hallmarked.
Economy Current Affairs for UPSC : Click Here