Has come into force from 16th June 2021 – Announcement from Ministry of Commerce
Mandatory Hallmarking of Gold Jewellery has come into force from today – 16th June, 2021.
Key announcements made by Ministry of Commerce :
- Hallmarking will be initially be starting from 256 districts of the country which have Assaying Marking Centres.
- Jewellers with annual turnover upto Rs 40 lac will be exempted from mandatory Hall Marking.
- 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 be exempted from mandatory Hall Marking.
- Gold of Additional carats 20, 23 and 24 will also be allowed for Hall Marking.
- Watches, fountain pens and special types of jewellery viz. Kundan, Polki and Jadau will be exempted from Hall Marking.
- Jewellers can continue to buy back old gold jewellery without hallmark from consumers.
- In order to give adequate time to the manufacturers, wholesalers and retailers of Gold Jewellery, there would be No penalties till August end.
Old jewellery can be got hallmarked as it is, if feasible by the jeweller or after melting and making new jewellery.
A committee constituting of representatives of all stake holders, revenue officials and legal experts will.be formed to look into the issues that may possibly emerge during the implementation of the scheme.
Ministry has announced that constructive suggestions are always welcome and implementation should be effective. It may be noted that Hallmarking of Gold Jewellery was earlier set to begin from 15th June 2021.
Under Hallmarking scheme of Bureau of Indian Standards, Jewellers are registered for selling hallmarked jewellery and recognise testing and Hallmarking centres. BIS (Hallmarking) Regulations, were implemented w.e.f. 14.06.2018. Hallmarking will enable Consumers/Jewellery buyers to make a right choice and save them from any unnecessary confusion while buying gold.
At present, only 30% of Indian Gold Jewellery is hallmarked.
The Hallmarking of jewellery / artefacts is required to enhance the credibility of gold Jewellery and Customer Satisfaction through third party assurance for the marked purity/fineness of gold , consumer protection. This step will also help to develop India as a leading gold market center in the World.
It is to be noted that there has been 25% increase in A&H centers in the last five years. The number of A&H centers have increased from 454 to 945 in the last five years. At present 940 Assaying and Hallmarking centers are operative. Out of this 84 AHCs have been setup under Govt. subsidy scheme in various Districts.
Presently A&H Centre’s can hallmark 1500 articles in a day, the estimated hallmarking capacity of A&H Centre’s per year are 14 crore articles (Assuming 500 articles per shift &300 working days).
According to World Gold Council, India has around 4 lakh jewellers, out of this only 35,879 have been BIS certified.