Indians are known for their love of gold and gold jewellery. The exotic jewellery styles make Indian gold jewellery quite popular all over the world. Gold jewellery is not only a statement of fashion but also a long term investment as its price continues to increase every year. However, before investing your hard-earned money on gold jewellery you need to be sure of its purity.
How can you be sure? Look for the hallmark on the piece of jewellery you choose to buy. When you buy gold in India make sure it has the BIS hallmark on it.
Hallmarking And BIS Hallmark
Hallmarking helps to determine the purity of gold and silver and other precious metals used in a particular article or a piece of jewellery. The content of precious metal in that article is also recorded officially by hallmarking.
The Bureau of Indian Standards popularly known as the BIS is the official agency in India for accreditation of precious metals. They have the authority to certify and hallmark gold and other precious metals based on certain specifications of standard set in our country. On successful completion of tests and evaluations, the hallmark is allotted.
The BIS Hallmark includes the following.
- Stamp of BIS
- A code denoting the specific year
- The purity of gold (Carats)
- Jeweler’s mark of identification
- Identification sign of hallmarking agency
Hallmarking of Indian Gold Jewellery To Be Mandatory From 2021
Hallmarking of gold jewellery is not compulsory in India at present. The BIS hallmarking system for gold jewellery began in April 2000 in India and presently only around 40% of gold jewellery is being hallmarked across the country.
Recently a new decision has been taken in India regarding the hallmarking of gold jewellery. Mr. Ram Vilas Paswan, the Consumer Affairs Minister of India, has announced that it will be mandatory in India to hallmark gold jewellery and other articles beginning from the 15th of January 2021. The 3 main standards for hallmarking are 22 carats, 18 carats, and 14 carats.
The notification will be issued on the 15th of January 2020 and the new ruling will be enforced exactly a year after that.
- Beginning from the 15th of January 2021 it will be mandatory to get a BIS hallmark for all gold jewellery sold in India.
- The notification will be issued on the 15th of January 2020 exactly a year before the ruling will come into existence.
- All gold jewelers must register themselves with the BIS.
- Only hallmarked gold jewellery and articles can be sold.
- The remaining stock that has no hallmark has to be exhausted within a year.
- This decision will help to protect the interests of the consumers especially the people living in the smaller towns and rural areas.
- BIS hallmark ensures the purity of gold is sold.
- The penalty for breaking this rule will be a fine of Rupees One Lakh, five times the value of the article sold and up to one year of imprisonment.
- At present, there are 877 centers for hallmarking within 234 different locations all over India.
India occupies the top position in importing gold. This is because the demands of the gold jewellery industry continue to increase. It will be compulsory for all gold jewellers to get themselves registered with the BIS or the Bureau of Indian Standards. They can sell only that jewellery that is hallmarked. The existing stock of the jewellers that are not hallmarked has to be taken care of within a year.
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