New Delhi: Mandatory hallmarking of gold jewellery came into force from Wednesday to enhance their credibility and customer satisfaction and help India develop as a leading gold market centre in the world.
The step was taken after extensive consultations with stakeholders. According to a Ministry of Consumer Affairs statement, hallmarking will initially be starting from 256 which have Assaying marking centres.
Customer satisfaction is ensured through third party assurance for the marked purity/fineness of gold.
Jewellers with annual turnover up to Rs 40 lakh will be exempted from mandatory hallmarking.
Export and re-import of jewellery as per the government's trade policy of jewellery for international exhibitions, jewellery for government approved B2B domestic exhibitions will be exempted from mandatory hallmarking.
Gold of additional carats 20, 23 and 24 will also be allowed for hallmarking.
Watches, fountain pens and special types of jewellery viz. Kundan, Polki and Jadau will be exempted from hallmarking.
Jewellers can continue to buy back old gold jewellery without hallmark from consumers.
In order to give adequate time to the manufacturers, wholesalers and retailers of Gold Jewellery, there would be No penalties till August end.
Old jewellery can be got hallmarked as it is, if feasible by the jeweller or after melting and as it is, if feasible by the jeweller or after melting and making new jewellery.
The Ministry said a committee comprising representatives of all stakeholders, revenue officials and legal experts will be formed to look into the issues that may possibly emerge during the implementation of the scheme.
Minister Piyush Goyal said he welcomes constructive suggestions and that implementation of the measure should be effective.
Hallmarking of gold jewellery was earlier set to begin from June 15, 2021. (UNI)