Gold Hallmark Mandatory From June 1; Things To Know Before Buying

It is recommended that you purchase hallmarked gold articles to ensure that you are not duped when buying actual gold. It not only guarantees purity but also increases the resale value if you decide to sell it later. The government announced on Tuesday that, beginning June 1, 2021, mandatory hallmarking of gold jewellery and artefacts will be implemented. Jewellers had been given more than a year to transition to hallmarking and register with the Bureau of Indian Standards (BIS). India is the world's largest importer of gold, primarily to meet the needs of the jewellery industry.

1) Gold hallmarking is a voluntary process that certifies the purity of the precious metal.
2) Jewellers will be able to sell just 14 carat, 18 carat, and 22-carat gold jewellery starting June 1, 2021.
3) According to a report in PTI, the BIS has so far reported 34,647 jewellers.
4) Since April 2000, the BIS has operated a hallmarking scheme for gold jewellery.
5) The registration process is now fully automated and conducted online.
6) Every year, India imports 700-800 tonnes of gold.
7) About 40% of gold jewellery currently being hallmarked.
8) Under the BIS Act, the Bureau of Indian Standards, India's National Standards Body, is in charge of hallmarking gold and silver jewellery.

The price of gold on the Multi Commodity Exchange (MCX) rose 545 points yesterday, closing at 46,964 per ten gram. Today's gold price in the international market is hovering about $1,745 per ounce, up around $12 from Tuesday's close. Indian Commodity Market is closed today on account of Dr Ambedkar Jayanti.

If you are planning to buy gold this month, make sure to buy the hallmarked jewellery only.