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​Modi Government to save you from cheating in ‘this way’!

Saturday - October 5, 2019 3:05 pm , Category : WTN SPECIAL
Now hallmarking to be mandatory on gold jewelry
Now hallmarking to be mandatory on gold jewelry

Customers to secure 'pure' gold after hallmarking being mandatory

OCT 05 (WTN) – Modi Government is going to give a gift to those who buy gold jewellery, this gift will help the customers to avoid being a victim of cheating at the time of purchasing gold jewellery. In fact, the Modi Government is going to take such an initiative that customers will have to pay the same price according to the purity of the gold they bought in gold jewellery. For this, the Modi Government is going to make BIS hallmarking mandatory for the sale of gold jewellery.

For your information, let us know that the Commerce Ministry of the Center has approved the proposal to make BIS hallmarking mandatory for gold jewellery. That is, with the coming into force of this rule, BIS hallmark will be necessary for gold jewellery. In such a situation, when you go to buy gold jewellery, you will see a BIS hallmark on them.

Indeed, the gold hallmarking is a proof of the purity of gold jewellery and is currently implemented on a voluntary basis. For your information, let us know that this new rule can be implemented only after informing the World Trade Organization (WTO), due to which it may take two to three months to implement this rule. Hallmarking shows how much carat gold and how many other metals have been used to make gold jewellery.

As you know, there is a lot of craze among women against gold jewellery in India. Gold has been a status symbol in India since ancient times. India is the largest importer of gold due to its obsession with gold jewellery. India imports around 800 to 900 tonnes of gold every year. As we told you, there is a lot of craze among women against gold jewellery in India, but most people do not pay attention towards hallmarking when buying gold jewellery in India. For your information, let you know that at present there are around 800 hallmarking centers in the country.

There is a craze among Indian people for gold jewellery, but only 40 per cent of jewellery is hallmarked in the country. It is alleged that gold traders in India adulterate gold jewellery, which customers have to pay for. In such a situation, it can be said that due to mandatory of BIS hallmarking on gold jewellery, customers will be able to avoid being a victim of fraud.

Actually, till now there were no strict rules about the quality of gold jewellery in the country. In such a situation, it has been seen many times that gold is sold to customers is less than the carat mentioned and they are charged higher carats. But now due to hallmarking on gold jewellery, customers will not be cheated. On the other hand, if gold jewelers sell jewellery without hallmarking, then notice will be issued to them.

Now when hallmarking on gold jewellery will become mandatory in the country, it will be able to easily identify the quality of the jewellery. For your information, let us know that there is a uniform system of hallmark symbol in the whole country and the Government of India guarantees it. Hallmarked jewellery is 10 to 15 per cent more expensive due to higher manufacturing costs, but hallmarked jewellery has a guarantee of purity. The hallmarking system on gold jewellery in India has been in force since 2000 and the hallmarking system on silver jewellery has been in force since 2005, but till now the hallmark mark on jewellery is not mandatory.

For your information, let us know that Bureau of Indian Standards (BIS), under the Ministry of Consumer Affairs, is the administrative authority for Hallmark. There are three grades in the BIS, which set the gold standard. These grades are; 14 carat, 18 carat and 22 carat. Although the real gold is only 24 carats, but it cannot be used in making jewellery, because it is very soft.

Generally 22 carat gold is used to make gold jewellery, which contains 91.66 per cent pure gold. Many times, due to lack of customer information, they accidentally give a price of 24 carat in exchange for 22 carat gold jewellery. But now with hallmarking mandatory on gold jewellery, customers will not be cheated in any way.