Know About New Gold Hallmark Policy 2021
New Gold Hallmark Policy 2021: Hallmarking of selected gold jewelry and artifacts has been made mandatory from Wednesday this week. At present, it has been started in 256 districts and is optional till the end of August. But there are many doubts and questions among jewelers and customers in many parts of the country, due to which the price of gold has fallen in many places during the last three days. The reality is that neither Jeweler nor Customer should have to be worried about the new gold hallmark policy 2021.
What is Gold hallmarking and why is it necessary?
Broadly speaking, Gold hallmarking is a testament to the quality of the jewelry and artifacts (currently gold and silver). It is operated and certified by the Bureau of Indian Standards (BIS). Gold Hallmarking 2021 is mandatory for jewelers as per the new gold hallmark policy 2021, i.e. they cannot sell jewelry without hallmarking to the customer. At present, those jewelers whose annual revenue is less than Rs 40 lakh are not included in this. The government has now exempted selected jewelry from this.
What is the need for hallmarking?
Basically, hallmarking is all that is needed to assure the customers that the jewelry that the jeweler is selling to them is of the same quality that the jeweler is telling them. It is interesting to know that India is the largest gold consumer market in the world. But at present, hallmarking of only 30 percent of jewelry is being done here. This means that 70 percent of jewelry owners have no choice but to trust the jeweler whether the jewelry they have purchased is genuine or not, and how genuine.
Suppose a jeweler sold any jewelry without hallmark to the customer under the presumption of 22 carats. But when the customer took the same jewelry to another jeweler, it was found there that it was not of that carat. It could also be that the other jeweler told it to be of low quality to buy it cheaply. In this case, the customer becomes a victim of big fraud. Hallmarking is a solution to this rampant fraud and treachery in the purchase and sale of gold jewelry.
How many carats of jewelry is allowed under New Gold Hallmark Policy 2021?
The government has currently kept jewelry of 14, 18, and 22 carats under hallmarking. This means that jewelers can make and sell these three quality categories of jewelry to the customers. However, hallmarking is also allowed in other forms of gold like 20, 23, and 24 carats.
Will there be any impact on the value of old jewelry kept in the house without hallmarking?
Off course not. Even without hallmarking, the value of any jewelry will be determined on the basis of the immediate value of the gold present in it. It is necessary that by getting that jewelry hallmarked, it will be satisfied that its quality is actually the same as it was known. The Consumer Affairs Ministry has clarified that jewelers will continue to buy jewelry without hallmarking from a customer as before.
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