Gold Hallmark Jewelry and coins
As gold and other precious metals are trade-ins a bulk from the decades. To identify the purity of Gold Hallmark Jewelry precious metals. There was not any proper benchmark was there. After implementing of Hallmark Jewellery. The customers get a vital tool to identify gold purity.
Which gave perfect transparency in this unorganized field. Where the buyer gets assured by third-party by making a BIS Hallmark stamp. which gave authenticity and guarantee. hallmark is globally identified and justifies the purity for the buyer is paying is true …
What is the hallmark?
The BIS hallmark is a system of authenticating the purity of silver with gold. This mark of BIS certifies that the jewel meets the standard of the Bureau of Indian Standards. Before buying gold, therefore, make sure that there is a BIS hallmark in jewelry.
If gold is a hallmark on jewelry, it means that its purity is certified. But many jewelers impose hallmarks without completing the investigation process. In such a situation, it is necessary to see whether the hallmark is original or not? The original hallmark is a triangular mark of the Bureau of Indian Standards.
The purity of gold is written on it. Along with the logo of the hallmarking center. It is also written the year of jewelry manufacture and the logo of the producer. If you have doubts. Then you should go to a hallmarking center nearby and get the jewelry checked.
Mandatory of Gold Hallmarking In India from 2021
There is good news for those who buy gold jewelry. The government is soon going to make hallmarking mandatory on gold jewelry. At present, hallmarking is voluntary ie it depends on the willingness of jewelers to sell hallmarking jewelry or not. Some jewelers sell hallmarking jewelry on customer demand.
In a major decision that will affect jewelers, gold buyers, and those who invest in gold. The government has said that from January 15, 2021. Only hallmarked gold and jewelry will be sold in the country.
The government has ordered that hallmarked gold articles be sold in only three grades – 14, 18, and 22 carats. The sale of jewelry by registered jewelers. The guideline will also cover the 10 Hallmark grades now in use in the country.
This measure will go a long way in protecting the interests of the consumer and will put an end to arbitrariness in establishing the purity of the precious metal at the sale price.
Process of Hallmarking
Hallmarking is done to certify the purity of gold jewelry. Hallmarking is done by the Bureau of Indian Standards (BIS). They gave certification of the purity of gold used. BIS embosses its logo for hallmarking along with fineness number (corresponding to given karat), hallmarking center mark, and jeweler’s identification mark.
Types of Hallmarking in India
The below table can help you know the fineness number corresponding to different purity levels.
Gold purity in jewelry Fineness Number
| PURITY | LOGO ON JEWELRY |
|---|---|
| 22KT | 22KT916 |
| 18KT | 18KT750 |
| 14KT | 14KT585 |
Hallmarking Charges in India
Hallmarking Charges (Payable by Jewellers)
For Gold Jewellery/Artefacts:-
Hallmarking Charges for Gold Jewellery/Artefacts. It’s payable to BIS recognized Assaying and Hallmarking Centres. Charges paid by BIS licensed jewelers are as follows:
- a) Rs. 35/- per article and
- b) Minimum charges for a consignment as Rs. 200/-(Services Tax and other levies as applicable shall be extra).
For Silver Jewellery/Artefacts:-
Hallmarking Charges for Silver Jewellery/Artefacts. It’s payable to BIS recognized Assaying and Hallmarking Centres. Charges paid by BIS licensed jewelers are as follows:
- a) Rs. 25/- per article and
- b) Minimum charges for a consignment as Rs. 150/-(Services Tax and other levies as applicable shall be extra).
Hover in Gold Dealers
Gold buyers are currently discouraging jewelers from hoarding their gold jewelry. That buyers have to pay the bill to get the certificate and as a protection against the process is time-consuming.
Establishment of Hallamrking Center
The government plans to set up hallmarking centers in every district of the country to make the process faster and clearer. 40 percent of the gold sold and bought is hallmarked.
The government makes Hallmark Mandatory
Consumer Affairs Minister Ram Vilas Paswan will discuss the issue with the bullion industry on 28 February in Delhi. The Bureau of Indian Standards has put a draft quality control order – Hallmarking of Gold Jewelry and Gold Artifacts Order, 2018 on its web site.
In this, comments have been sought from all the parties related to it. The BIS (Bureau of Indian Standards) along with a Joint Secretary in the Ministry of Consumer Affairs will be the authority certifying these ornaments.
The National Bullion and Jewelers Association (IBJA) National Secretary Surendra Mehta, who went on the invitation of the government. He said that he expected the government to have other carats other than 14, 18, and 22 carats before hallmarking became mandatory.
Guideline measure for Hallmarking
Will give time to melt and sell gold jewelry. So that the jewelers do not have problems in removing their old stock. Many people associated with the bullion industry believe that mandatory hallmarking will start in April.
This guide contains four elements of gold jewelry – BIS mark; Purity between carat and fineness; Assaying and hallmarking center identification mark/number and jewelry identification mark/number.
Any gold article weighing less than two grams are exempted from hallmarking. Exported to India in the form of shipments to an unbalanced and hallmarking center outside India. Medical, dental, veterinary, scientific or industrial related articles, unfinished gold articles and gold yarn hallmarking will also be exempted from the notice, the notice said.
Somasundaram PR, managing director of World Gold Council India, responded favorably to the directive by telling PTI that the one-year deadline for implementation. That would give the industry enough time to sell existing infrastructural inventory and plug gaps and prepare logistics for its implementation.
He also happy by the move, saying that if implemented strictly. It would create consumer confidence among jewelers. Boost the market for Indian handmade gold products and consumer protection interests. Customers who invest their hard-earned savings in gold.
Somasundaram added that the move to create hallmarking requirements would help create jobs in the goldfield and create a level playing field for small jewelers.
There are currently 892 assigning and hallmarking centers in 234 districts and 28,849 BIS registered jewelers.
On jewelry, the third-party Hallmarking Center gave a stamp of
- Purity in percentage
- BIS logo Hallmarking a Triangle
- Assay Center logo
- Dealer or retailer personal mark.
- Year of Jewelry hallmarked.
India is importing more than 1000 tons of gold. Which consumes by its population every year.
BIS Silver Hallmarking
There is Silver is also consumed as jewelry ornaments and showpieces as I gave you detail in the previous blog. now for transparency of the silver authenticity hallmark is also make in practice by the trader to gave good confidence to the buyer to purchase the silver ornaments, utensils, showpieces, and other costly items…..
In a move aimed at protecting the interests of consumers and prevent frauds in the sale of gold jewelry. The Union Cabinet approved the proposal to make Hallmarking of Gold mandatory.
At present, Hallmarking of gold is voluntary in nature. Hallmark gold will certainly provide good value to gold jewelry. It gave authenticity to the jewelry bought by the consumers and the amounts to purity certification of the yellow metal. The Bureau of Indian Standards (BIS), under the consumer affairs ministry, is the administrative authority of hallmarking.
The union cabinet, headed by prime minister Manmohan Singh, cleared the proposal by approving amendments to the Bureau of Indian Standards (bis) act, 1986. That aims to expand the ambit of mandatory hallmarking to include more products, including gold.
The BIS (Amendment) Bill, will empower the government to bring in compulsory certification regime any article and/or process that it considers necessary for health, safety, environment, and prevention of deceptive practice.
At present, about 77 items, including cement, mineral water, and milk products, are certified through mandatory hallmarking under the BIS Act for conformity with expected quality levels. The BIS Hallmark bestows on the consumer additional confidence on the quality of products such as gold jewelry
Besides mandatory hallmarks, the amendments moved by the consumer affairs ministry sought to introduce registration of relevant standards as an alternative mechanism to the compulsory certification regime to ease the growth of sunrise sectors and protect consumers from spurious and substandard imports.
It also aims to strengthen the penal provision for better and effective compliance.
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