Gold Hallmark Mandatory Latest News: Everything you need to know about Hallmarking of Gold Jewellery Scheme
Gold Hallmark Latest News: The mandatory hallmarking of gold jewellery has come into force in the country from June 16, 2021. It has been assured to the jewellers that they can continue to buy old gold jewellery without hallmark from consumer, and in order to give adequate time to the manufacturers, wholesalers and retailers of gold jewellery, no penalties will be imposed on them till August end. Yesterday, Pramod Kumar Tiwari, Director General, Bureau of Indian Standards (BIS) addressed a virtual press conference where he briefed the media about the Mandatory Hallmarking of Gold Jewellery scheme. Here is everything that one needs to know about this Mandatory Hallmarking of Gold Jewellery scheme.
Initially started with 256 districts
Who are exempted from Mandatory Hallmarking?
In this regard, Tiwari said that that Jewellers with annual turnover upto Rs. 40 lakh will be exempted from mandatory Hallmarking.
As per the trade policy of the government for export and re-import of jewellery, Jewellery for international exhibitions, jewellery for government approved B2B domestic exhibitions will also be exempted from mandatory Hallmarking. Furthermore, watches, fountain pens and special types of jewellery viz. Kundan, Polki and Jadau will be exempted from Hall Marking. Source: PTI
The registration of jewellers will be one-time and there will be no fees will be charged from jewellers for registration. Any manufacturer, importer, wholesaler, distributor or retailer engaged in selling precious metal articles has to mandatorily get registered with BIS. However, artisans or manufacturers who are manufacturing the gold jewellery on job work basis for the jewellers and are not directly related to sale to anyone in the chain are exempted for registration. Source: PTI
Basis of Hallmarking
The Director General of BIS clarified that the Hallmark will be done at the first point of sale which may be manufacturer, whole-seller, distributor or retailer. It must also be noted that alteration in the Hallmarked jewellery up to 2 grams of increase or decrease to be allowed with responsibility of purity on the jeweller. Source: PTI