The rule of gold hallmarking has been made mandatory. Now goldsmiths will be able to sell only 14, 18, 20, 22, 23 and 24-carat jewelry. This will give a guarantee of accuracy to the customers. There are four ways in which customers will be able to know how pure the jewel purchased is. know in detail
Impact of hallmarking rules on gold? (signal picture)
Gold hallmarking has started from 16th June. Now jewelers are allowed to sell only hallmarked jewelry and artifacts. However, following the suggestions of jewelers, the government has decided to implement it step-by-step across the country as it was demanded that due to lack of resources, there may be practical difficulties in implementing it simultaneously. There is no gold hallmarking agency in every district of the country, which can have an impact on the shopkeepers. To avoid this, the government has decided to implement gold hallmarking in different phases.
It is important to know what will be the benefit of making gold hallmarking mandatory and what will change from it. Actually hallmarking determines that a goldsmith, jeweler or bullion gives a kind of quality to its customers. Currently, 14, 18, 20, 22, 23 and 24 carat jewelery has been allowed to be sold. That is, any goldsmith will save jewelry of this carat and will give full information to the customer. Now the question is, how will a customer know that the jewelery that comes to his hand is made of pure gold and that its caratage is correct.
Four methods have been given to know the purity, with the help of which any customer will be able to know that the jewelery he has bought is according to the specified carat.
- The BIS symbol will be in a triangular shape on the jewellery. Since hallmarking is fully licensed by BIS, its sign is the most important
- It will be clearly written on the jewelry that how many carats it is. It has been made mandatory for jewelers to write so that the customer can understand how many carats the jewel is
- The sign of the shop, store or jeweler from which you are buying the jewelery should also be on the jewellery. With this there will be no risk of mixing. Immediate action can be taken in case of any discrepancy
- The jewelry will also bear the mark of the agency that has done the hallmarking. With this, there is a preparation to ensure the accountability of the hallmarking agency.
Hallmarking is a guarantee of accuracy which is issued by the Hallmarking Center (AHC). The hallmarking center is licensed by the Bureau of Indian Standards. The marking shows that the carat in which the jeweler has made the receipt for giving the jewelry is correct. A goldsmith, bullion or jeweler has to get hallmarking of each of his jewelery and he will have to pay Rs 35 per piece to the hallmarking center for getting this work done. Whatever be the weight of the jewelry, only Rs 35 will have to be paid per piece. Apart from this, GST will also have to be paid.
What happens to jewelry without hallmarks?
This question is for the customers. There is a dilemma in their mind that after hallmarking is mandatory, what will happen to those jewelery which is not marked. The jewelers have made it clear that there is no problem in selling old non hallmarked jewelery and this work will continue. The jewelers will take the old jewellery, check its quality and accordingly give the money to the customer. After this, the jeweler can melt that jewelry and make new jewelery and get it hallmarked. However, be careful when you go to sell unmarked jewelry as the price can vary. It would be better to sell the jewelry to the one from whom it was bought. You can also know the carat of your jewelry from a jeweler and then sell it at a bargain with another shopkeeper.
Are some jewelers exempt from the new rule?
Yes, the rule of hallmarking is not for everyone. At present, the rule of hallmarking is being implemented in 256 districts of the country. These are the districts where there are hallmarking centers or AHCs. Goldsmiths whose annual income is up to Rs 40 lakh are currently kept out of the hallmarking rule. However, such jewelers can also register and sell hallmarked jewelry if they wish. Hallmarking is not necessary for jewelery that is below 2 grams.
How to check if a jewel is pure
There is also rigging in the name of hallmarking in the market. This is called box hallmarking. In this, hallmarking is done without sampling or verification of jewelry. It is also called fake hallmarking. Many jewelers buy hallmarking machines and put their marks on themselves. It is important that when going to buy jewelry, ask the jeweler about the BIS registration and license number. Those who are genuine shopkeepers, they write the license number on their board, from which the correctness is known. If you want, to know the correctness of any hallmarking, you can go to the hallmarking center and check the marks by paying 200 rupees.
Will there be a problem in taking a loan against gold?
In an epidemic like Corona, people are taking loans on gold. Goldsmiths are also pledging jewelery without hallmarking to give gold loans. This will continue as the Reserve Bank has not directed that only hallmarked ornaments will be given for gold loans. To give gold loan, banks can give loan by checking purity according to 22 carat gold. Right now the old rule of gold loan is going on.
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