Gold Hallmark Update: New Rules for Selling Gold Jewellery
The Indian government has introduced new rules for selling gold jewellery, in a bid to improve transparency and protect customers. From April 1, all gold jewellery must have a Hallmark Unique Identification (HUID) number. Here are the key details:
What is HUID?
– A unique identification number that gives a gold item a unique character
– Ensures the item has the promised purity
– Gold items must have a purity mark (such as 22-carat) and the Bureau of Indian Standards (BIS) logo
What are the new rules?
– Gold jewellery without hallmarks cannot be sold
– If you have old unmarked gold jewellery to exchange or sell, you must get it hallmarked with HUID
– Gold below two grams, jewellery intended for international exhibitions, items intended for export and special types of jewellery are exempted from hallmarking
How can you get your jewellery hallmarked?
– Get it tested from any BIS-accredited hallmarking centre
– Pay Rs. 45 for testing five or more items, or Rs. 200 for four items or less
– Get it hallmarked by a jeweller registered with BIS
What are the consequences for not getting gold jewellery hallmarked?
– Jail time of up to one year
– Fine of up to five times the price of the jewellery
– Both
These new hallmarking rules aim to make the process of buying gold more transparent and maintain the quality of the products.
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