Hallmarking on jewelery will be mandatory from June 1, understand the prerequisites before buying gold

There will be no scope for fraud in the purchase of gold jewelery, because now the jewelery selling the hallmarking of BIS will be sold in the country. Hallmarking rules are set to come into effect from June 1. Although there is some confusion about its preparations in the Corona period, but if these rules come into force from June 1, what will change on the sale and sale of gold jewelery? If you are going to buy new jewelry, then what is going to benefit you? Or what will happen to old jewelery lying at home? Today we will try to understand every nuance associated with gold hallmarking.

Accuracy guaranteed will increase!

Hallmarking rules are set to come into effect from June 1. After which hallmarking of BIS on gold jewelery will be mandatory. Only 22 carat, 18 carat, 14 carat jewelery will be sold. Hallmarking will eliminate fraud complaints. The hallmarking will contain the BIS seal, carat information. When the jewelry was made, its year, the name of the jeweler would be inscribed. Explain that the BIS hallmarking system has been linked to international norms. Hallmarking will increase transparency in the gold market.

What will happen to the old jewelry

Hallmarking of old ornaments kept in the house can also be done. Hallmarking can be done by visiting any Hallmark Center. However, the hallmarking fee of old jewelery will be slightly higher. It is possible to have a little trouble selling depths without hallmarking. Jewelry without hallmarking can get a lower price.

There will be action on disturbances

Fines ranging from 1 lakh to 5 times the price of jewelery are possible. Fraud can also be imprisoned for up to 1 year with a fine. For investigation, the government has also launched an app named BIS-Care.
Accuracy check is also available on the app. One can complain of tax on incorrect information related to hallmarking.

CAIT demands to increase deadline

By writing a letter to Piyush Goyal, CAIT has demanded to increase the deadline for this. CAIT says jewelers will suffer losses if the rules come into effect from 1 June. CAIT says that there is still not enough hallmarking center in the country. In such a situation, small traders may have to close the business if the rules come into force from 1 June. Not having enough centers between the corona will make it more difficult. CAIT has said in its letter that the government’s move is positive but hasty losses may be incurred. There is not a single hallmarking center in 11 states of the country. Instruct the BIS to open the Hallmarking Center immediately.

WCG Report

According to the WCG report, gold consumption in the country increased by 37 per cent in the March quarter. Gold consumption in the country has been 140 tonnes in the March quarter. The lockdown has led to a decrease in demand in the current quarter. In Q1, jewelery demand grew by 39 per cent to 102.5 tonnes. Jewelery demand has increased due to weddings. Investment demand is expected to grow 34 per cent to 37.5 tonnes in Q1, while scrap gold supply may fall 20 per cent to 14.8 tonnes in Q1.

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