People possessing Gold without hallmarking in trouble?
The central government has made a lightning move by implementing the new gold rule. The rule is about mandatory hallmarking of the gold. This central government's action will make sure that people going to buy gold jewellery and antiquities receive the purity they paid for. The national required gold hallmarking program is executed in stages, with the first phase focusing on 256 districts. According to the new restrictions, jewellers in india can now only offer gold products weighing 14, 18, or 22 carats.
The obligatory gold hallmarking, which was proposed in november 2019, was set to take place on january 15, 2021. It was pushed back twice, first to june 1 and then on june 16. Due to the continuing second wave, indian jewellers have requested additional time. According to the reports, an approx of 40% of the gold sold in india are hallmarked. And out of which, only 35,879 jewellers out of India's estimated 4 lakh are now BIS certified.
This hallmarking ensure and helps customers with four main characteristics of the gold starting with the carat and purity, BIS mark, hallmarking Centre’s identification mark and jeweller identification. A committee led by Pramod Tewari would supervise the enforcement procedure.
The obligatory gold hallmarking, which was proposed in november 2019, was set to take place on january 15, 2021. It was pushed back twice, first to june 1 and then on june 16. Due to the continuing second wave, indian jewellers have requested additional time. According to the reports, an approx of 40% of the gold sold in india are hallmarked. And out of which, only 35,879 jewellers out of India's estimated 4 lakh are now BIS certified.
This hallmarking ensure and helps customers with four main characteristics of the gold starting with the carat and purity, BIS mark, hallmarking Centre’s identification mark and jeweller identification. A committee led by Pramod Tewari would supervise the enforcement procedure.