Gold must be hallmarked from today onwards
New Delhi : The government has made hallmarking of gold jewelry must from today (June 16) onwards in a move to benefit the end user.
The plan will be implemented in a phased manner and will come to effect in 256 districts first.
Till date hallmarking of jewelry was a voluntary thing, but now it has been made mandatory for all gold dealers. With the help of hallmarking, jewellery can be resold at a standard rate which saves customers from getting cheated while buying gold ornaments.
From today, jewellers will be allowed to sell only 14, 18 and 22 carats of gold jewellery. Gold of 20, 23 and 24 carats will also be allowed for hallmarking.
The government said that the hallmarking of jewellery was needed "to enhance the credibility of gold purchases". Till date only 40 per cent of the jewellery was hallmarked.
The previous January deadline was deferred by four months as jewellers sought more time because of the Covid crisis.
"Continuing our government's endeavour for better protection and satisfaction of customers, mandatory hallmarking in 256 districts will be implemented from June 16. No penalty will be imposed till August 2021," Consumer Affairs Minister Piyush Goyal tweeted on Tuesday.
After extensive meeting, the jewellers with a turnover of less than 40 lakh have been exempted from hallmarking of the jewelry for now.
Those who export and reimport jewellery under the trade policy, jewellery meant for international exhibitions and for government-approved B2B domestic exhibitions will also be kept out of the scheme for now.
Hallmarking will not be mandatory for gold used in watches, fountain pens and Kundan, Polki and Jadau jewellery, the government says.
"Jewellers can continue to buy back old gold jewellery without a hallmark from consumers," the government said, adding that old jewellery can be hallmarked, if feasible, after it is melted and crafted into new jewellery.