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Wait for a little; you can get gold ornaments at a very cheap price!

Tuesday - December 3, 2019 4:18 pm , Category : WTN SPECIAL
Hallmarking becomes mandatory on gold jewelry since 15 January 2021
Hallmarking becomes mandatory on gold jewelry since 15 January 2021

Huge discounts can be found on without hallmarked jewelry stock

DEC 03 (WTN) - Everyone knows how crazy Indian women are about gold jewelry. For your information, let us know that after China, India has the highest consumption of gold every year. Statistics show that India consumes about 849 metric tonnes of gold every year. But as you know that the gold prices are fixed every day, and since gold is a precious metal and is imported from abroad, its prices depend on international and national conditions.

But if you are currently thinking of buying gold, then it would be better to wait for your budget and pocket. This is why because in the coming days, jewelers may give a bumper discount on gold jewelry. This is the whole matter, let explain to you in detail about this. In fact, as you know that the central government has made hallmarking mandatory on gold jewelry from 15 January 2021, it is being said that it will also have an impact on the bullion market and customers could get gold jewelry before it cheaply.

After hallmarking being compulsory, bullion dealers say that jewelers may be able to give a heavily discount on the old gold jewelry, which is without hallmarking before hallmarking is mandatory. This is why, because if the jewelers do not do this, then they will have to melt the old jewels, which are without hallmarked, and then get them hallmarked. And if they do this, then they will suffer the loss of expenditure in the manufacture of jewelry. For this reason, it is being said that in the coming time, people can get gold ornaments cheaply.

According to Sarafa market experts, as the time-limit for hallmarking becomes mandatory on gold jewelry, the discount on non-hallmark jewelry will increase as the time comes closer. But this will greatly harm those bullion traders who have large amounts of jewelry without hallmarking. Jewelers in most small towns and rural areas will have to face such losses, as these areas are mostly non-hallmarking ornaments being sold. This is why because the people of these areas remain unaware of the benefits of hallmarking.

For your information, let us know that hallmarking is proof of the purity of the metal. Currently, in India, it is voluntary for jewelers to do hallmarking on their jewelry or not. In FY 2018-19, out of 1,000 tonnes of gold consumed in the country, around 450 tonnes of gold was hallmarked. It is estimated that this figure may remain the same in the current financial year. But due to hallmark being mandatory from January 15, 2021, gold jewelry will not be sold without Hallmark.

For your information, let you know that the Central Government has issued a notification on Hallmarking by January 15 next year, giving the jewelers one year to register themselves with the Bureau of Indian Standards (BIS) and clear their existing stock. With this happening, the jewelers will have a year and will be able to clear the stock of without Hallmark jewelry at the earliest. This is the reason that in the coming time, customers can get gold ornaments at cheap prices.

For your information, let us know that BIS has set three standard grades for gold jewelry. These grades are 14 carats, 18 carats, and 22 carats. As on date, out of nearly 3 lakh jewelers in the country, only 30,000 jewelers are licensed by BIS to sell hallmarked jewelry.

Now, that the entire one year is left for hallmarking being compulsory. So in this remaining time, where on one side the jewelers will get time to make hallmark jewelry, on the other hand, jewelers will sell the without hallmark jewelry at a cheap price, so that they do not have to suffer loss. So then wait for the gold ornaments to be cheaper.

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