New Rules to sell hallmarked gold Artifacts

On January 14, 2020, the GoI announced that Indian jewellers shall be allowed to sell hallmarked gold artifacts that are made of 14, 18 and 22 carat gold alone. Also, it is mandatory for all jewellers to get compulsory hallmark. Currently gold hallmarking is voluntary. The mandatory ruling is to be implemented from January 15, 2021.

Highlights

The Government has introduced new ruling that violation of hall marking will result in one-year imprisonment and a fine. The jewellers have been given one-year time to arrange hallmarking according to the Bureau of Indian Standards.

Hall Mark

Hall marking is the level of purity certification awarded by the Bureau of Indian Standards (BIS). The BIS Hallmark has a triangular mark, logo of the producer and year of manufacturing of the product. It is essential to make hall marking mandatory to curb frauds and fake gold.

Current Scenario in India

Currently in India, only 28,849 jewellers have BIS registration. According to World Gold Council, the gold import of India was 496.11 tonnes in 2019.

Karat of Gold

The purity of gold is measured in karat of gold. 100% pure gold is called 24 Karat gold. 22 Karat gold is 91.6% pure and hence the name 916 hallmark in gold jewelleries.

Month: Current Affairs - January, 2020