All You Need To Know About The New Hallmarking Requirements For Gold

There will be some financial regulation adjustments when the new month begins, and June will begin in just a few days. On Wednesday, June 1, 2022, the country's gold hallmarking rules are set to change.

As of June 1, 2022, jewellers in India will only be permitted to sell gold jewellery with a hallmarked hallmark, regardless of purity. According to the Bureau of Indian Standards (BIS), this was made clear in a statement in early April.

Where Can You Verify The Gold's Purity?

Additionally, customers may verify the purity and authentication of hallmarked jewellery by using HUID numbers to check the verify HUID function in BIS CARE's Android mobile app, which can be installed from the Play Store.

Assaying and Hallmarking (A&H) centres may also assess the purity of hallmarked jewellery for Rs 200. At www.bis.gov.in, under the hallmarking section, you may find a list of BIS-approved A&H centres."

Advantages

1.       Gold jewellery with a purity rating of 14 karat or above must be considered legal tender. By law, a jeweller must first have 16KT jewellery or artefacts hallmarked at such a BIS hallmarking centre before selling them to a customer.

2.       By verifying that the gold product has the same purity as claimed in the hallmarking, the great gold hallmarking rule modification will boost consumer trust in the gold jewellery and antiques they purchase. To begin on June 1, several districts will no longer be obliged to have their students' work marked with a BIS.

3.       Since July last year, the government has altered purity markings on gold jewellery or artefacts. They include the BIS logo, purity/fineness grade, and HUID six-digit alphanumeric identifier. For every gold item you buy, you will additionally have to pay a stamping charge of Rs 35.

What Are The Benefits Of Trade marking?

Gold is a popular investment option in both urban and rural parts of the nation. In India, many people who live in rural areas acquire gold to be financially secure in an emergency. They see gold as a store of value that may be liquidated temporarily in a financial emergency.

People acquire gold hallmarking standards with the hope of reselling it at a greater price in urban India as well as rural India. One of the most popular ways for city dwellers to acquire cash quickly is via a gold loan, in which they deposit gold and get cash in exchange.

Requirements For Hallmarking

A BIS-recognized Assaying and Hallmarking Center (AHC) is required to test a registered jeweller's jewellery items. When a piece of jewellery is judged to comply with the standard, it is marked with an AHC hallmark. The BIS also accepts online applications via the AHC.

By BIS findings, "This recognition was given to AHC after it was verified that it has the infrastructure, capacity, and competence to do assaying and hallmarking. There has been complete automation in the whole process of granting or renewing certification or accreditation."

Conclusion

Only hallmarked jewellery may be sold by jewellers now that the federal government has mandated it. Gold jewellery will have to be marked with a hallmark starting on June 16, 2021.

Location: India

Comments

Post a Comment

Popular posts from this blog

A detailed process to extract gold from the gold mine

Image
  Obtaining gold from a gold mine involves a series of intricate steps that have been refined over centuries. This meticulous process started when the first gold mine in India was established. The technique combines modern technology with traditional mining methods to extract the precious metal. The steps to acquire gold from a gold mine Below, the detailed steps to obtain gold from the gold mine are discussed. Let's take a look. ●      Exploration: The first step in extracting gold from a gold mine is exploration. Geologists and mining engineers study the geology of an area to identify potential gold deposits. They analyse geological maps, conduct surveys, and perform soil and rock sampling to determine the presence of gold ore. This initial phase involves extensive research and often employs advanced technologies, such as remote sensing and geophysical surveys, to identify promising areas. ●      Site preparation: Once a potential gold deposit is identified, the site must be p
Read more

From fashion to finance: factors that will impact the future of gold

Image
  Gold has been a valuable metal for centuries and is one of today's most popular investments. Its value has been relatively stable over time and has long been seen as a haven for investors during economic uncertainty. However, like any other investment, gold futures are not certain and are subject to various factors that could impact their value. In this blog, we will explore the future of gold and some factors that could influence it. Some factors that could influence the gold price shortly Demand and supply: First, it is essential to understand the factors that influence the price of gold. Demand and supply are two of the most critical factors determining gold's price. The price increases when the demand for gold exceeds the supply; however, the price decreases when the supply exceeds the demand. Other factors influencing gold's price include global economic conditions, inflation rates, geopolitical events, and interest rates. State of the global economy: One of the maj
Read more

The difference between gold carats and gold plating

Image
  Gold is one of the most precious metals in the world, valued for its rarity, beauty, and versatility. But not all gold is created equal, and there are essential differences between gold carat and gold plating that every buyer should know. Before discussing the differences, we should know about gold carats and plating. This blog post will explore the critical distinctions between these terms and what they mean for jewellery purchases.   What a gold carat is: Gold carat refers to the purity of gold, measured in parts per 24. For example, people consider 24 carat gold pure gold, meaning it contains 24 parts gold and zero parts other metals. In contrast, there are 18 parts gold and six parts other metals in 18-carat gold, and in 14-carat gold, there are 14 parts gold and ten other metals. People often mix gold with other metals because pure gold is relatively soft and malleable, making it less durable for use in jewellery or other applications. By adding other metals, such as copper or
Read more