· Hallmarking scheme is becoming a grand success .
· More than ONE CRORE pieces of jewellery Hallmarked
· More than 90000 Jewellers registered already.
· Nearly 4 lac pieces of Jewellery getting hallmarked each day now.
· HUID-based hallmarking a win-win situation for everyone, as it brings about transparency in the functioning of the industry, ensures consumers’ right to get right stuff for their money and obviates the chances of Inspector Raj.
· Any one can get existing Jewellery Hallmarked and get true Valuation of Gold and their savings Implementation of Hallmarking is a work in progress And Government is in a constant dialogue with Jewellers and the benefits of scheme are being appreciated by most of the Jewellers
· According to Director General BIS more than 90000 Jewellers have also registered in same time period.
· The scheme had been a grand success because of their support and cooperation, which is reflected in the fact that the number of registered jewellers has increased to 91,603 and that of the jewellery pieces received for hallmarking and hallmarked since 1st July, 2021 to 20th August to One crore Seventeen lakhs and One crore Two lakhs respectively.
· Dwelling upon the issue of the pace of hallmarking, there should not be any problem in hallmarking 10 crore pieces of jewellery in a year, which is the estimated number of jewellery pieces to be hallmarked if the hallmarking became mandatory across the country.
· Sharing details of the steps taken by the government to accommodate the genuine demands of the jewellery industry, DG, BIS underlined following facts:
i. Hallmarking made mandatory only in 256 districts having an AHC..
ii. HUID was limited to AHC level, to start with, and to be implemented at the jewellers and consumers level after the new system settles down fully.
iii. Registration process was made simpler and registration fee waived.
iv. 20, 23 and 24 carats of gold jewellery allowed for hallmarking.
v. Indian standard amended to allow hallmarking of small mixed lots of same purity.
vi. Software improved to allow handing over of jewellery at the AHC level too.
vii. Help Desk created at the Headquarters and Branch Offices and 300 Awareness Camps held so far.
viii. Advisory Committee had n in-depth review of the issues concerning hallmarking and submitted its report to DoCA.
· Directorate emphasised that the scheme had been a grand success and after having hallmarked more than one crore pieces of jewellery, it made no sense to be talking about the postponement or withdrawal of the scheme.
· Directorate reiterated that HUID-based hallmarking was a win-win situation for everyone, as it brings about transparency in the functioning of the industry, ensures consumers’ right to get right stuff for their money and obviates the chances of Inspector Raj.
· Directorate appealed to the members of industry to extend their full cooperation in the implementation of the scheme and desist from strike and such activities, as Government was fully committed to address their genuine demands.
What is hallmarking?
Hallmark certifies the purity of gold. Since it is the mark of purity, it instills confidence in the mind of the consumer. This means, if you are buying hallmark 18K gold jewellery, it will actually mean that 18/24 parts are gold and rest is alloy which will help you get better resale value at that time
Why looking at the hallmark is important when buying gold jewellery
Carat indicates the purity of the metal. The purest form of gold is 24 carat or 24k. However, typically ornaments are made of gold whose purity ranges from 18k to 22k.
In percentage terms, 18k would mean 75% purity (denoted by 750) and 22k would mean 91.6% (denoted by 916) purity. Carat also helps determine the price of jewellery, even if it does not carry a price tag. You can get a sense of the price of a piece of jewellery by getting the piece weighed and then comparing it’s selling price with the day’s rate of gold, which is usually displayed by most jewellers. So, assuming that the rate of 10g gold is Rs50,000, the price of a 10g piece of 22k gold would be 91.6% of 24k gold, or about Rs 45,850.
What is BIS?
In India, Bureau of Indian Standards (BIS) is the accreditation agency which certifies and hallmarks gold jewellery. A hallmark consists of carat, stamp of BIS, hallmarking centre’s mark, year of mark and jeweller’s identification mark.