Its proposal emphasizes on expanding gold merchant hallmarking and introducing Hallmarking Unique Identification (HUID) number for 9 carat gold jewellery, with an aim to reduce financial stress on customers.

Will there be hallmarking of 9 carat gold soon?

Representatives of India Bullion and Jewelers Association (IBJA), a leading traders association, held a meeting with BIS officials to address the important issue of hallmarking and HUID number for 9 carat gold. According to the report, IBJA National Secretary Surendra Mehta stressed on the adverse impact of rising prices on consumers and said that the prices have gone too far.

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Consumers are feeling the brunt of this. Keeping this in mind, we met the officials. He has sought permission for hallmarking for 9 carat jewellery. The Reserve Bank of India recognizes the IBJA’s input in determining the price of Sovereign Gold Bonds.

9 carat gold priced at Rs 27,740 per 10 grams attracts an additional 3% GST. If hallmarking is approved for 9 carat gold, it will help consumers afford larger or heavier jewelery while adhering to budget constraints. With the permission of 9 carat gold, it will become a little easier for all sections of the society to buy gold.

Silver prices touched Rs 92,444 per kg in Mumbai’s Jhaveri market, 5.67% higher than Friday’s data. Similarly, gold prices have rapidly reached close to Rs 75,000 per 10 grams. On Tuesday, the current rates were around Rs 74,222 per 10 grams and are still trading in the same range.

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The government has made hallmarking mandatory from 1 April 2023. In such a situation, jewelry without hallmark cannot be bought and sold in the whole country. In such a situation, people who have non-hallmarked jewelry may face difficulty in selling it or getting other jewelry instead.

Hallmarking is mandatory

Hallmarked jewelry has the logo of the Bureau of Indian Standards (BIS). Apart from this, it is also told that how many carats of gold the jewel or jewelery piece is. The jewelry is usually made of 18 to 22 karat gold. With this happening, now jewelers will not be able to cheat the customers easily.

Old jewelery can be hallmarked by paying this much fee

According to BIS rules, if someone has un-hallmarked jewellery, then it will have to be hallmarked before selling it. Only after getting this, jewelry or jewelery can be sold. For hallmarking of old jewellery, a fee of Rs 45 per piece will have to be paid. Customers can get their jewelery hallmarked by going to BIS lab. For getting hallmarked, Rs 45 will have to be paid for each piece of jewellery.

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