Gold is an integral part of Indian culture. Almost everyone at some point in their life consumes gold. It is mostly consumed during weddings and religious festivals. Indians consume gold to display their status or offer as gifts or donations. Indian temples are filled with gold idols. Besides, most people consume gold to sell back for cash the gold prices hit high.
However, the gold rate is determined based on its purity and weight. So, if you want to sell your gold, it is imperative to get it hallmarked before giving it away. Also, today the gold rate in Bangalore is at its best, which means that it may be the right time to earn some extra money.
What is the gold hallmarking of jewellery?
The government of India has made hallmarking of gold jewellery mandatory from June 16, 2021. in an effort to bring more transparency to the gold jewellery trade and foster trust among consumers. The hallmarking of gold is implemented by the Bureau of Indian Standards (BIS).
Hallmarking of gold jewellery is certified issued by the Bureau of Indian Standards (BIS), it certifies the purity and fineness of the gold. It guarantees the quality of gold in jewellery items. It will be issued to all registered jewellers in India based on purity tests at hallmarking centres.
Currently, hallmarking is allowed on 14- 18-, 22-carat gold jewellery. As with 22-. 23-, and 24-carat, they will also be allowed for gold hallmarking in the future. All jewellers are required to register themselves under the hallmarking scheme of BIS. BIS is the authorized body for the testing and hallmarking centres.
Why is there a need for hallmarking of gold jewellery?
First of all, It enables consumers to get the best gold rate per gram based on their gold’s purity. As consumers and gold buyers, you can now make better choices and avoid unnecessary confusion while selling and buying gold from the market. Currently, about 30% of Indian gold jewellery is hallmarked. It simplifies and authenticates the gold buying process and ensures the best gold per gram.
The Government of India informs that the hallmark of gold jewellery and ornaments is required to improve the credibility of gold on offers, sale processes, and consumer satisfaction through third-party assurance for the marked purity of gold. To serve consumer protection, hallmarking has been made mandatory in India. Besides, it is said to help develop India as the leading gold market in the world.
Is gold hallmark mandatory for all jewellers?
The government had given time to jewellers and stockists who had been saddled with old no-hallmarked stock till the end of August 2021 to get their gold hallmarked. It means that no penalties were imposed till August 2021 in the implementation of gold hallmarking. Starting from September 2021, any jeweller with non-hallmarked gold will have to incur penalties.
Gold hallmarking was mandatory from January 1, 2021. This deadline was then extended to June 1, 2021, and then to June 15, 2021. So, from now on, if you wish to sell gold, it is crucial to get it hallmarked. This way, you can get the gold rate per gram for the gold jewellery that you deserve. There will be little to no scope for being cheated on the gold jewellery price in the market. It also means that today the gold rate in Bangalore is based on the hallmarked gold market price.
Exemptions under this scheme?
The gold items that are granted exemptions are:
- Fountain pens
Furthermore, the government has announced that as per the trade policy of India, the export and re-import of jewellery for international exhibitions, jewellery for government-approved Business 2 Business (B2B), domestic exhibitions are exempted from the mandatory hallmarking of gold.
What are the charges of gold hallmarking?
As per the Bureau of Indian Standards (BIS) web portal, the charges for gold jewellery hallmarking are Rs. 35 per article. Also, the minimum charge for a consignment would be Rs. 200 ( service tax and other charges shall be applicable extra).
What are the signs for gold hallmarking?
There are four components that you must look for on hallmarked gold jewellery. These components are:
- BIS Mark
- Purity in Karat and fineness
- Assaying and Hallmarking centre’s identification number
- Gold jeweller’s identification mark
If you wish to get the best price for your gold jewellery, it may be the best time to sell your gold, as today gold rate in Bangalore is in your favour. Keep in mind to get your gold hallmarked to ensure the best gold rate per gram.