Mandatory hallmarking of gold jewellery began from today, June 15, after the government extended deadline for mandatory hallmarking of gold jewellery from June 1 to June 15. In view of Covid, the government had extended the deadline for mandatory hallmarking of jewellery. Hallmarking of gold jewellery certifies purity of the precious metal and is voluntary in nature.
According to World Gold Council, India has around 4 lakh jewellers, out of which only 35,879 have been certified by the Bureau of Indian Standards (BIS).
In November 2019, the government had announced that hallmarking of gold jewellery and artefacts would be made mandatory across the country from January 15, 2021. However, the deadline was extended for four months till June 1 after jewellers sought more time in view of the pandemic.
Currently Bureau of Indian Standards (BIS) is running hallmarking scheme for gold jewellery since April 2000.
The hallmarking of jewellery is required to enhance the credibility of gold jewellry and customer satisfaction through third party assurance for the marked purity of gold , consumer protection. This step will also help to develop India as a leading gold market center in the world.
According to reports currently only 35 lakh jewelllers have registered for mandatory hallmarking of gold.
Gold futures for delivery on August 5, 2021 on the Multi Commodity Exchange (MCX) advanced 0.3 per cent to Rs 48,667. In the spot market, fine gold or 24 carat gold was priced at Rs 48,350 per 10 grams, 22 carat gold was retailed at Rs 46,700 per 10 grams, 18 carat gold was being sold at Rs 38,680 and 14 carat gold was priced at Rs 32,150 per 10 grams.