Thursday, July 29, 2021

Gold hallmarking now mandatory in India

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The mandatory gold hallmarking will be implemented from Wednesday. “Continuing our government’s endeavour for better protection and satisfaction of customers, mandatory hallmarking in 256 Districts will be implemented from June 16. No penalty will be imposed till August 2021. This will help develop India as a leading global gold market center,” tweeted Piyush Goyal. “Hallmarking will be initially be starting from 256 districts of the country which have assaying marking centres. Jewellers with annual turnover up to Rs 40 Lakh will be exempted from mandatory hallmarking.

Export and re-import of Jewellery as per trade policy of government of India – jewellery for international exhibitions, jewellery for government- approved B2B domestic exhibitions will be exempted from mandatory hallmarking.,” the release said. “Jewellers can continue to buy back old gold jewellery without hallmark from the consumer. 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 making new jewellery,” the Ministry added.

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