Mandatory Hallmarking of Gold Jewellery
Government will implement mandatory hallmarking of gold jewellery and artefacts from June 15, 2021.
- Earlier this deadline was June 1, which was extended by a fortnight because of Covid-19 pandemic.
- To ensure proper coordination and resolve issues while implementation, a committee headed by Bureau of Indian Standards (BIS) Director-General Pramod Tewari has been established.
What is Gold Hallmarking?
Gold hallmarking is a purity certification for precious metal. Presently, gold hallmarking is voluntary. Currently, 40 % of the gold jewellery is being hallmarked.
Why Hallmarking is mandatory now?
Government has launched mandatory hallmarking of gold with the aim of ensuring consumers do not get cheated while buying ornaments. Mandatory hallmarking will protect public against lower caratage and it will ensure consumers get purity as marked on jewellery. Thus, from 15 June 2021, jewellers will only be allowed to sell gold jewellery of 14, 18 and 22 carats. Registration process has been made online and automatic.
BIS is already running the hallmarking scheme for gold jewellery since April 2000. Government had announced mandatory hallmarking of gold jewellery & artefacts in November 2019.
According to World Gold Council, India has about 4 lakh jewellers. Out of them only 35,879 have been BIS certified. There has been 25 per cent increase in assaying and hallmarking centres in last five years. With the existing capacity, 14 crore articles can be hallmarked in a year.
Month: Current Affairs - June, 2021
Category: Economy & Banking Current Affairs
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