Thinking of buying gold jewelry? The rules are changing from June 1st

New Delhi: Hallmarking jewelery of BIS will be sold in the country from June 1. Which means it’s about to be the most delusional time of the year, as well. The new rules of hallmarking raises the question, if only hallmarked jewelery will be sold in the country, what about the jewelery that has been purchased before and that does not have hallmarking on it? The question is natural. It is unclear how the government will prepare in the Corona era, but if the rule goes into effect from June 1, what will change on the buying and selling of gold jewelery? What are the benefits to you if you are going to buy new jewelery? Or what about old jewelry lying around at home? Today we will try to understand every little thing related to hallmarking of gold.

Hallmarkina’s rule is set to take effect on June 1. BIS hallmarking on gold jewelery will then be mandatory. Only 22 carat, 18 carat, 14 carat jewelery will be sold. Hallmarking will eliminate complaints of fraud. Hallmarking will have the seal of the BIS, the information of the carat. When will the jewelry be made, the year, will be the name of the jeweler. It is worth mentioning that the BIS hallmarking system is related to international standards. Hallmarking will increase transparency in the gold market.

Hallmarking can also be done on old jewelery kept in the house. Hallmarking can be done by going to any Hallmark Center. However the hallmarking charge of old jewelery will be higher. Selling jewelry without hallmarking can be a bit of a hassle. Hallmarking jewelry can cost less.

Fraudsters will be prosecuted

Penalties ranging from Rs 1 lakh to up to 5 times the value of jewelery are possible. Fraud can result in up to 1 year in prison with a fine. The government has also launched an app called BIS-Care for investigation.

Complaint facility is also provided along with accuracy check on the app. Misinformation related to hallmarking can be complained about.

CAIT has written a letter to Piyush Goyal seeking extension of his deadline. CAIT says that the rule will come into effect from June 1, causing loss to jewelers. CAIT says the country still does not have the required number of hallmarking centers. If the rule comes into force from June 1, small traders may close their businesses. The difficulty will increase as there is no required center between the corona. The CAIT said in its letter that the government’s move is positive, but haste could lead to losses. There is not a single hallmarking center in the 11 states of the country. The BIS should be ordered to open the Hallmarking Center immediately.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *