Important Facts For Prelims
Mandatory Gold Hallmarking Norms in India
- 15 Jan 2020
- 2 min read
Why in News
The Department of Consumer Affairs will release the notification regarding mandatory hallmarking of Gold jewellery & artefacts in India.
- Earlier, it was optional for the jewellers and thus only 40% of gold jewellery was getting hallmarked. Gold Hallmarking is a purity certification which started in 2000.
Key Points
- The notification will make hallmarking of gold jewellery mandatory from January 15, 2021.
- The jewellers have been given one year time to register with the Bureau of Indian Standards (BIS) and clear their stocks if not hallmarked yet.
- Hallmarked gold jewellery will be only in three grades – 14-carat, 18-carat and 22-carat instead of current availability of ten grades.
- It will contain four marks: BIS mark, purity in carat, assay centre’s name and jewellers’ identification mark.
- The rule is applicable only on sales by retailers and not to consumers.
- However, it is available for consumers who want to get their old jewellery hallmarked.
- Anybody found violating the provision, will have to pay a minimum fine of Rs 1 lakh or 5 times the price of the article.
- The government had informed about these hallmarking norms to the World Trade Organisation (WTO), which will help exporters get to know the changes in advance in importing country like India.
- India is the world’s largest importer of gold, with annual imports of 700-800 tonne.
Reasons for 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.
