New Delhi: Government of India has made the process of hallmarking of gold jewellery mandatory from 15th January, 2020, but it will give one year’s time to jewellers to register themselves with the Bureau of Indian Standards (BIS) and clear their old stock.
A notification to make mandatory hallmarking of gold jewellery from 15 January 2021 will be issued by the Consumer Affairs Ministry. Addressing the media, Union Minister of Consumer Affairs, Food and Public Distribution Ram Vilas Paswan said, “The purpose of making hallmarking mandatory for gold jewellery and artefacts is to ensure that consumers are not cheated while buying gold ornaments and get the purity as marked on the ornaments.”
Reacting to the notification, Mr. Somasundaram PR, MD of World Gold Council (WGC) India said, “The gold industry in India is at the cusp of transformation, as transparency, standards and infrastructure begin to define the next phase of reforms. Making hallmarking mandatory is a much-awaited progressive step to safeguard the interests of the consumers, particularly women, who put their hard-earned savings into this asset class. This reform, backed by a tight enforcement mechanism, will underpin trust and a change of perception about Indian gold jewellery, creating a favourable environment to market our famed handcrafting skills appropriately. Employment potential in assaying and hallmarking will increase. Hallmarking will also create a level playing field, benefitting small players. The transition time of one year will allow the industry enough time to sell the existing inventory while simultaneously, working on plugging any gap in infrastructure or making suitable.”