News: Mandatory Hallmarking of Gold Jewellery is going to come into force.
Based on extensive consultations with stakeholders, following decisions were taken-
- Hallmarking will be initially be starting from.256 districts of the country which have Assaying marking centres. Jewellers with annual turnover upto Rs. 40 lac will be exempted from mandatory Hall Markin
- Export and re-import of jewelry as per Trade Policy of Government of India – Jewellery for international exhibitions, jewellery for government approved B2B domestic exhibitions will be exempted from mandatory Hall Marking.
- Gold of Additional carats 20, 23 and 24 will also be allowed for Hall Marking. Jewellers can continue to buy back old gold jewellery without hallmark from consumer. In order to give adequate time to the manufacturers, wholesalers and retailers of Gold Jewellery, there would be No penalties till August end.
Significance of Gold Hallmarking
- The mandatory hallmarking will protect the public against lower caratage and ensure consumers do not get cheated while buying gold ornaments. It will also help to get the purity as marked on the ornaments.
- It will bring in transparency and assure the consumers of quality. The new system will weed out anomalies and corruption in the system of manufacturing of jewellery.