Hallmark Gold News: Gold rate in Mumbai today dropped to Rs 47,590 per 10 gram of 22-carat and Rs 48,590 per 10 gram of 24-carat.
New Delhi: Gold Buyers must take note of the big update that Hallmark becomes mandatory on Gold jewellery from today. The central government has taken the decision following extensive consultations with stakeholders. Hallmarking of Gold Jewellery was earlier set to begin from June 15, 2021. Meanwhile, gold price on Wednesday has again fell. Gold rate dropped by Rs 10 per 10 gram and Rs 100 per 100 gram
Hallmark Gold News; All You Need To Know
- Hallmarking on Gold jewellery will initially be commencing at 256 districts which have Assaying marking centres.
- Gold of Additional carats such as 20, 23 and 24 will be allowed for Hall Marking.
- Hallmarking will enable gold buyers, Jewellery buyers to make a right choice and save them from any unnecessary confusion while buying gold. At present, only 30 per cent of Indian Gold Jewellery is hallmarked under Hallmarking scheme of Bureau of Indian Standards (BIS).
- The Hallmarking of jewellery or artefacts is required to enhance the credibility of gold Jewellry and Customer satisfaction through third party assurance for the marked purity or fineness of gold, consumer protection. This step will also help to develop India as a leading gold market center in the World.
However, a few exemptions from Hallmarking of Gold jewellery have been given
In a relief for manufacturers, wholesalers and retailers of Gold Jewellery, the government has decided that no penalties will be slapped till August end.
Jewellers with annual turnover upto Rs. 40 lac will be exempted from mandatory Hall Marking.
Watches, fountain pens and special types of jewellery viz. Kundan, Polki and Jadau will be exempted from Hall Marking.
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.
