Video title – Mandatory hallmarking of Gold Jewellery has been extended by 15 days.

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Government’s Big Decision
Purest gold to citizens

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“Quality is never an accident, It is always the result of intelligent effort”. From ensuring the quality of food products to establishing the purity of gold, the Central government has always tried to assure high-quality products and services to its citizens.

Apart from being available in the form of ornament, gold also holds importance as an asset. It serves many economic purposes in society. In the absence of accurate knowledge, many innocent people become victims of adulterated gold consumption. But, the central government has strictly condemned it and has tried to enhance the credibility of gold Jewellery by emphasizing the need for Hallmark certified gold.

Mandatory hallmarking of gold jewellery has been extended by 15 days & will begin from 15th June 2021. In view of COVID-19, the Central government has accepted requests of stakeholders to give jewellers more time to prepare

Now, let’s get to understand what is Hallmarking of gold and why it is important.

Hallmarking is the accurate determination and official recording of the proportionate content of precious metal in the jewellery/artefacts or bullion/coins. The Hallmarking Scheme is currently voluntary. However, a Quality control order for mandatory hallmarking of gold jewellery/artefacts has been issued on 15 Jan 2020 by the Government of India.

The Hallmarking of jewellery/artefacts is required to amplify the credibility of gold Jewellery and customer satisfaction through third party assurance for the marked purity/fineness of gold and consumer protection. This step will also help to develop India as a leading gold market centre in the world. At present, only 30% of Indian gold jewellery is hallmarked.

Now, let’s get to know about the process of Hallmarking

It is important to understand that, for hallmarking of jewellery, a jeweller who wants to sell hallmarked jewellery has to obtain a registration from (BIS) Bureau of Indian Standards. The registered jeweller submits the jewellery for hallmarking to BIS recognized Assaying & Hallmarking (A&H) centre.

Let’s get to know more about Assaying & Hallmarking (A&H) centre

Assaying & Hallmarking (A&H) centres are the testing centres where the jewellery is tested. After testing, the A&H centre applies a hallmark on the jewellery which meets the requirement of the standard. It is worth mentioning that, In the last five years, there has been a 25% increase in A&H centres. Currently, 940 Assaying and Hallmarking centres are operative in the country and 84 AHCs have been set up under government subsidy schemes in various districts. A&H Centre’s can hallmark 1500 articles in a day, the estimated hallmarking capacity of A&H Centre’s per year is 14 crore articles.

Earlier, gold jewellery was subjected to multiple taxes. But, with the introduction of GST, the excise and the VAT on gold and jewellery has been subsumed. The rate of GST is fixed at 3 per cent.

Recently, Union Minister Piyush Goyal reviewed the progress made in the implementation of mandatory Hallmarking of gold jewellery in India. A committee was also formed to ensure proper coordination and resolve the implementation issues. The Minister also mentioned that customers must get Hallmark certified gold at the earliest all across the country without any further delay. While expressing confidence, he also affirmed that India must have the world’s best standards in gold jewellery.

The Central government is continuously trying to protect the public against adulteration and to obligate manufacturers to maintain legal standards of fineness. With effective policies and satisfactory implementation, the government has tried to ensure a standard of living for its citizens.

Sources/visuals

file:///C:/Users/ssing/Downloads/Report_GoldMarket.pdf

Mandatory hallmarking of Gold Jewellery has been extended by 15 days & will begin from 15th June 2021.

In view of COVID, Govt has accepted request of stakeholders to give jewellers more time to prepare. A Committee has been formed to ease implementation.https://t.co/gZiQfF4GcS pic.twitter.com/6U4bih4LFz

— Piyush Goyal (@PiyushGoyal) May 24, 2021

https://pib.gov.in/PressReleseDetailm.aspx?PRID=1721393

Hallmarking overview