Indian authorities mandates HUID-based hallmarking for gold jewelry and artefacts to guard customers from fraud and guarantee uniform requirements of gold high quality throughout the nation. Jewellers who violate the rule may face a penalty of 5 instances the value of the jewelry or one yr imprisonment or each.
The Union Authorities has mandated that every one gold jewelry and artefacts offered after thirty first March should carry a Hallmark Distinctive Identification Quantity (HUID). To tide over teething issues for companies in complying with the order, the federal government will give 80 % concession in marking payment for micro models throughout completely different merchandise and an extra 10 % concession to all models within the North East.
The Division of Client Affairs plans to strengthen the testing infrastructure accessible with the Bureau of Indian Requirements (BIS) and its recognised labs to 10 instances of its present capability.
Nidhi Khare, Extra Secretary with the Division of Client Affairs, advised CNBC TV18 that the transfer is aimed to make sure high quality requirements, including that India should be sure that its markets adjust to primary requirements and fulfill customers because it goals to turn into the third largest economic system on the planet.
The federal government has recognized a number of essential merchandise to convey High quality Management Orders (QCOs), for which stakeholder session being undertaken for 663 merchandise. Other than establishing India as a market of high quality, Khare mentioned that the purpose is to make the patron conscious of find out how to search for high quality merchandise as a substitute of low-cost merchandise being dumped. She said that the federal government is establishing high quality requirements for varied sectors like development, electronics, vehicles and durables.
In June 2021, the Bureau of Indian Requirements (BIS) made hallmarking of gold jewelry and artefacts obligatory. This was executed in order to reinforce the credibility of the jewelry and buyer satisfaction by way of third occasion assurance for the marked purity of gold, shopper safety.
Ranging from April 1, 2022, jewellers will be capable to promote solely 14, 18 and 22 carats of gold jewelry and different objects which have been licensed by the Bureau of Indian Requirements (BIS) for his or her purity.
Hallmarking is a course of that verifies the gold content material in jewelry and artefacts. It entails engraving a Hallmark Distinctive Identification Quantity (HUID) on each bit of jewelry at an authorised Assaying & Hallmarking centre. The HUID can be utilized to hint the supply and high quality of the gold.
The federal government has made this transfer to guard customers from fraud and guarantee uniform requirements of gold high quality throughout the nation. In accordance with BIS, there are about 940 Assaying & Hallmarking centres in India, out of which 256 are situated in districts the place hallmarking will probably be obligatory within the first part.
Shoppers can verify whether or not their jewelry is hallmarked or not by on the lookout for 4 symbols on it: BIS brand, purity in carat, identification mark or variety of the hallmarking centre, and identification mark or variety of the jeweller.
The HUID quantity offers a definite identification to every piece of jewelry enabling traceability. It’s essential to the credibility of Hallmarking and addressing complaints relating to purity of Hallmarked jewelry. In HUID primarily based Hallmarking, registration of jewellers is computerized with no human interference. It’s geared toward guaranteeing the purity of Hallmarked jewelry and checking any malpractice.
Jewellers who violate this rule may face a penalty of 5 instances the value of the jewelry or one yr imprisonment or each. Nevertheless, jewellers can proceed to purchase again previous gold jewelry with out hallmark from customers.
Total, the obligatory hallmarking of gold jewelry and artefacts with HUID is a win-win for everybody. It brings about transparency, ensures customers’ rights and obviates the possibilities of Inspector Raj. Anybody can get present jewelry Hallmarked and get true valuation of Gold.
The HUID-based hallmarking presents customers larger resale or trade worth of gold articles as high quality standardization will result in worth parity. It additionally assures them of the purity of gold they purchase.
(Edited by : Soham Shetty)
First Printed: Mar 3, 2023 7:38 PM IST