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Gold Hallmarking: Will the gold kept in the house become useless now, the government has changed the rules

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The central government said on Tuesday that the mandatory hallmarking system on gold jewelery and artefacts will come into effect from June 16. It will be implemented in a phased manner and will be implemented in 256 districts initially. Hallmarking is a certificate of purity of the precious metal and at present this system was kept voluntary. In such a situation, now the question arises whether the gold kept in the house will become useless now. In view of these practical problems, the government has given some relaxation.

In 2019, the government had announced to make hallmarking mandatory on gold jewelery and artefacts from January 15, 2021. But later the deadline was extended for four months till June 1. Again this was pushed to June 15 after jewelers requested an extension of the deadline due to the pandemic. Consumer Affairs Minister Piyush Goyal wrote on Twitter after the meeting, “It has been our government’s constant endeavor to ensure better customer safety and satisfaction. In this series, hallmarking is being compulsorily implemented in 256 districts on June 16, 2021. No penalty will be imposed in this case till August 2021.”

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Consumer Affairs Secretary Leena Nandan told PTI-language that the mandatory hallmarking system will be implemented in a phased manner and initially it will be implemented in 256 districts which have centers to check the purity of the precious metal. The Secretary said that the concerns of the industry have been addressed in the meeting.

they will get discount

According to an official statement, after due deliberations, the government has exempted certain units from the mandatory hallmarking system in the jewelery sector. For example, jewelery manufacturers with an annual turnover of up to Rs 40 lakh will be exempted from mandatory hallmarking. This arrangement has also been exempted from units that export and re-import jewelery as per the government’s trade policy. Apart from this, there will be exemption from this for international exhibition as well as for B2B (between traders) domestic exhibition with government approval.

According to the statement, from June 16, jewelers in 256 districts will be allowed to sell only 14, 18 and 22 carat gold jewellery. Hallmarking will also be allowed for additional 20, 23 and 24 carat gold. Apart from this, the government said that it has exempted gold used in watches, fountain pens and mandatory hallmarking on Kundan, Polki and Jadau jewellery.

Jewelers will be able to buy gold from customers even without hallmarking

According to the statement, “Jewelers can continue to buy un-hallmarked gold from consumers. The old jewelery can be hallmarked if practicable by the jeweler after melting and making new jewellery.” The government has decided to constitute a committee of all stakeholders, revenue officials and legal experts to look into the issue. On gold Mandatory hallmarking will protect people from fraud and they will get the same thing in terms of purity for which they have paid. The Bureau of Indian Standards (BIS) has been running the hallmarking scheme for gold jewelery since April 2000. Presently about 40 per cent gold Hallmarking of jewelery is being done.

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Gold Hallmarking: Will the gold kept in the house become useless now, the government has changed the rules
Kiran Morehttp://mytechspark.com
Hello friends, I am Kiran More, Technical Author and Co-Founder of mytechspark . Speaking of education, I am an BCS (Bachelor of Computer Science ) Graduate. I am also a youtuber our site provide fresh tech news ,unboxing ,new smartphones and Gadgets News and much more . So Stay connected with us. 😀
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