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Indian government brought in a mandate on hallmarking of gold jewelry from yesterday. The move is to ensure the purity of gold and standard rates for customers. For now, it is planned to take effect in a phased manner and will be implemented in 256 districts, to begin with.
Consumer Affairs Minister Piyush Goyal tweeted that no penalty will be imposed till August 2021, but the hallmarking mandate will be implemented from June 16 for better protection and satisfaction of the customers. Only 40 percent of gold jewelry was hallmarked until now.
The Jewellers will be allowed to sell only 14,18 and 22 carats of gold. The jewelers with an annual turnover below 40 lakh rupees are exempted from mandatory hallmarking for now.
The govt. also states that Jewellers can continue to buy back old gold jewelry without a hallmark from consumers, also adding that the old jewelry can be hallmarked if feasible after it is melted and crafted into new jewelry.
Tags Gold Hallmark Hallmark Jewelry India
