New Rules for Selling and Buying Gold Jewelry: Hallmarking Made Mandatory
The Indian government has announced new rules for buying and selling gold jewelry. As per the new guidelines, hallmarking is now mandatory for selling or breaking old jewelry and getting new jewelry made or exchanged.
Hallmarking of Old Jewelry Made Mandatory
Earlier, it was believed that hallmarking would only be applicable on buying new jewelry or gold products. However, the new rules state that hallmarking of old gold jewelry kept in homes has also become mandatory. From April 1, 2023, all gold jewelry and artifacts must have a Hallmark Unique Identification (HUID) number.
Ban on Sale and Purchase of Gold Jewelry Without Hallmarks
The government has also banned the sale and purchase of gold jewelry without hallmarks in the country. Consumers who have un-hallmarked gold jewelry must compulsorily get it hallmarked before selling it or exchanging it for a new design.
How to Get Hallmarking Done?
To get old, unhallmarked jewelry hallmarked, customers can approach a BIS registered jeweler. The jeweler will take the unhallmarked gold ornaments to BIS Assaying and Hallmarking Center for getting them hallmarked. Alternatively, customers can also get the jewelry tested and hallmarked at any of the BIS-accredited hallmarking centers.
Cost of Hallmarking
For hallmarking, if the number of ornaments is five or more, the consumer will have to pay Rs 45 for each piece of jewelry. For getting four pieces hallmarked, Rs 200 will have to be paid. The hallmarking center recognized by BIS will check the jewelry and give its certificate.
Old Hallmark Will Work
If a customer is in possession of hallmarked gold jewelry with old/earlier hallmark marks, it will also be treated as hallmarked jewelry. Gold ornaments already hallmarked with the old marks are not required to be re-hallmarked with the HUID number. Such hallmarked jewelry can be easily sold or exchanged for new designs.
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Sorted points by DelhiBreakings.com team.
👉 The government has banned the sale and purchase of gold jewelry without hallmarks in the country.
👉 Hallmarking has been made mandatory for selling or breaking old jewelry and getting new jewelry made or exchanged.
👉 The new rules state that from April 1, 2023, all gold jewelry and artefacts must have a Hallmark Unique Identification (HUID) number.
👉 Hallmarking is now mandatory for selling old jewelry as well.
👉 Customers can get old, unhallmarked jewelry hallmarked from a BIS registered jeweler or at any of the BIS-accredited hallmarking centers.
👉 The cost for hallmarking ranges from Rs 45 per piece of jewelry to Rs 200 for getting 4 pieces hallmarked.
👉 Gold ornaments already hallmarked with the old marks are not required to be re-hallmarked with the HUID number.
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