: Mandatory gold hallmarking from Wednesday: Govt #FinanceIndia #StockMarketNEWS Mandatory gold hallmarking from Wednesday: Govt New Delhi, Jun 17 (KNN) The government has said that mandatory hallmarking

@StockMarketNEWS Thu 17 Jun, 2021

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Mandatory gold hallmarking from Wednesday: Govt #FinanceIndia #StockMarketNEWS
Mandatory gold hallmarking from Wednesday: Govt New Delhi, Jun 17 (KNN) The government has said that mandatory hallmarking of gold jewellery and artefacts will come into force from June 16 in a phased manner and initially will be implemented in 256 districts of the country.

Pramod Kumar Tiwari, Director General, Bureau of Indian Standards (BIS) on Thursday addressed a virtual press conference and briefed the media persons about the Mandatory Hallmarking of Gold Jewellery scheme which has come into force from 16th June 2021.

DG, BIS while addressing the facets of Mandatory Hallmarking shared that mandatory hallmarking has initially started with 256 districts of the country, which have Assaying and hallmarking centres.

He further added that Jewellers with annual turnover upto Rs 40 lakh will be exempted from mandatory Hallmarking.

Export and re-import of jewellery as per Trade Policy of Government of India - Jewellery for international exhibitions, jewellery for government approved B2B domestic exhibitions will also be exempted from mandatory Hallmarking. Watches, fountain pens and special types of jewellery viz. Kundan, Polki and Jadau will be exempted from Hall Marking, he said.

He also further informed that the registration of jewellers will be one-time and there will be no fees 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.

While briefing DG, BIS said that the Hallmark shall be done at the first point of sale which may be manufacturer, whole-seller, distributor or retailer. Alteration in the Hallmarked jewellery up to 2 grams of increase or decrease to be allowed with responsibility of purity on the jeweller.

There has always been a high demand from jewellers to increase the grades of gold purity for hallmarking. Considering this, gold of Additional carats i. e. 20, 23 and 24 will also be allowed for Hallmarking, he added.

It was clarified that old hallmarked jewellery available in households can be sold to jewellers. Tiwari added that Jewellers can continue to buy back old gold jewellery without a hallmark from consumers and in order to give adequate time to the manufacturers, wholesalers and retailers of Gold Jewellery, there would be No penalties till August end.

While briefing the media about Workflow Automation of A&H Centres, DG BIS said that every job from receipt of jewellery to hallmarking will be computerized and complete trail of each job with date & time will be maintained.