All about the hallmarking policies for the purity of gold

All about the hallmarking concept

To all the people who are unaware of the hallmarking systems of gold, the hallmarking system is a measure which ensures that gold for sale is pure and worth the price. In India, the Bureau of Indian standards announced on January 15, 2021, which would demand a hallmarking system on all types of gold sales and the plan would commence a year later. The decision is not yet final, and the final call will be on January 15 20201 as said by consumer affairs minister Ram Vilas Paswan.

What is gold hallmarking?
The gold hallmark is a certificate which ensures that the gold on sales is the purest form and BIS organization in India is stressing it to be mandatory in terms. The BIS has successfully operated since 2000 and holds proven track records of making 40% of gold jewellery in India under their hallmark.

According to the consumer affairs minister Ram Vilas Paswan, the measure of making the hallmarking system on gold and artefacts will protect the consumers from small towns and villages as the traders have created them for profit.

Explore More About : Top Predictions On Market Trend And Future Of Jewellery Industry

The complete information about the new hallmarking system

The first and foremost thing to know about the scheme is it will protect the consumers and not exploit them. People who have old gold will one or the other day refurbish it and hence during that time the dealer has to provide a hallmark symbol introduced by BIS on the gold jewellery.

Why is the Indian government stressing on the mandatory hallmarking system?

As we all know that India has been a proud member of WTO since 1995. The organization recently updated with a new rule that all the countries which have to comply with exports have to sell products which are certified by the authorities. WTO commented on the above statement on their website in October 2019.

In other terms, India is also the largest importer of gold, and in volume in India on an average imports gold of 700-800 ton annually and also the gold demand in India is quite less when compared to previous years. Therefore most of the expert predictions are entire; on the contrary, the negative side for the incline of the gold prices in the country.

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