Hallmark will be necessary: from June 1, only jewelery jewelers can sell hallmarking gold jewelery, know here what will happen to your old jewelery
The government is preparing to make hallmarking of gold jewelery (ornaments) mandatory from 1 June 2021. It was earlier scheduled to come into force from 1 January 2021, but it was deferred for the next 6 months on demand from jewelers and associates. That is, you will get jewelery with hallmark mark from June 1 onwards. The government made hallmarking mandatory for gold jewelery and design in November 2019.
For this, all the jewelers of the country had given more than 1 year to shift to hallmarking and get registered with the Bureau of Indian Standards (BIS). Later the jewelers had demanded to increase this deadline. In view of this, the deadline has been extended from 15 January to 1 June 2021. So far, 34,647 jewelers of the country have registered for hallmarking in the Bureau of Indian Standards (BIS).
What happens if you have gold without hallmarking?
Even after 1 June 2021, gold exchange without hallmarking can be done. Apart from this, if you wish, you can get your gold hallmarking done through your jeweler. BIS gives the license to jewelers for a 5-year license fee of Rs 11,250, according to the case's expert Sanjay Mandot. The jeweler then checks the jewelery at the Hallmark Center and issues the hallmark according to the carat.
The common man cannot get the hallmark on old jewelery directly by going to the center. They have to come only through the concerned jeweler. However, he can check the purity of gold at the center by paying the minimum amount.
Failure to follow the rules may result in a sentence of one year.According to the BIS Act passed last year, there is a provision of fine and minimum penalty of 1 lakh rupees and one year punishment for those who break the rules of hallmarking.
Why is Hallmarking Important?
Hallmarking is essential to protect customers from fake jewelery and to monitor jewelery business. The advantage of hallmarking is that when you go to sell it, no depreciation cost will be deducted. Meaning you will be able to get the right price for gold. In hallmarking, gold passes through several phases. In such a situation, there is no scope for disturbances in its purity.
Gold hallmarking will be like this from BIS More than 2 grams of jewelery will have to be examined from a BIS recognized center and the BIS mark of the concerned carat will be placed on it. The jewelery will have a triangular mark of BIS, logo of the hallmarking center, purity of gold written on it. Also, when the jewelery was created, its year and the jeweler's logo will also be there.
Only 14,18 and 22 carat jewelery will be hallmarking.
14 Carat Gold Jewelery - It contains 58.50% gold.
18 Carat Gold Jewelery - It contains 75% gold.
22 carat gold jewelery, it contains 91.60% gold.
What is hallmarking?
Hallmarks are government guarantees. Hallmark is India's only agency given the Bureau of Indian Standards (BIS). In hallmarking, a product is certified to the specified criteria. BIS is the organization that checks the gold that is being made available to customers. It is necessary to put the BIS logo with the hallmark on the gold coin or jewelry. This shows that its purity has been tested in a BIS licensed lab.
24 carat gold is 99.9% pure
The purity of gold is in accordance with the carat. 24 carat gold is considered the purest gold, but its jewelery is not made, because it is very soft. 22 carat gold is commonly used for jewelery, with 91.66% gold.
Understand the mathematics of purity of gold in this way
1 carat gold means 1/24% gold, if your jewelery is of 22 carat then divide 22 by 24 and multiply it by 100. (22/24) x100 = 91.66 means the purity of gold used in your jewelery is 91.66%.
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