No penalties till August end in implementation of Gold Hallmarking
Mandatory Hallmarking of Gold Jewellery is going to come into force from tomorrow, 16th June, 2021.
Based on extensive consultations with stakeholders, following decisions were taken-
- 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 jewelry as per Trade Policy of Government of India – Jewellery for international exhibitions, jewelry 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 consumer.
- 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 stakeholders, revenue officials and legal experts will.be formed to look into the issues that may possibly emerge during the implementation of the scheme.
Shri Goyal said 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 the Bureau of Indian Standards, Jewellers are registered for selling hallmarked jewellery and recognize testing and Hallmarking centers. BIS (Hallmarking) Regulations, were implemented w.e.f. 14.06.2018. Hallmarking will enable Consumers/Jewellery buyers to make the 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 jewelry/artifacts is required to enhance the credibility of gold Jewellry 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 a 25% increase in A&H centers in the last five years. The number of A&H centers has 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 35879 have been BIS certified.