India Expands Mandatory Gold Hallmarking to 56 Additional Districts, Aims for Nationwide Implementation
In a bid to enhance consumer protection and transparency in the gold market, the Indian government is poised to extend the gold hallmarking requirement to an additional 56 districts, a significant stride from the current 288 districts. The overarching objective is to eventually enforce the sale of exclusively hallmarked gold in all 766 districts across the nation. As a preliminary step, the proposed measure aims to restrict the sale of gold without proper hallmarking to 344 districts.
To deliberate on the implementation strategy of this pivotal initiative, the Department of Consumer Affairs (DoCA) and the Bureau of Indian Standards (BIS) are scheduled to hold a collaborative meeting on August 17. Representatives from the jewelry sector, bullion associations, and other pertinent stakeholders are set to participate in this crucial discussion.
A notable development that took effect on April 1 of this year is the introduction of the Hallmark Unique Identification (HUID) mandate for gold jewelry. This initiative, propelled by the BIS, has been pivotal in elevating the quality standards of gold products. As part of these quality enhancements, there is an ongoing consideration to bring gold bullion within the purview of compulsory certification. The government is contemplating the inclusion of a requirement for imprinted or embossed weight information on gold sold in the retail market.
Addressing concerns about the impact of these regulations on existing hallmarked gold jewelry owned by the public, the BIS has clarified that the HUID is applicable exclusively to sellers and does not affect individual consumers.
Gold hallmarking, which serves as a certification mechanism for assessing the purity of gold in jewelry and related items, plays a pivotal role in fortifying consumer confidence and transparency within the gold market. The Bureau of Indian Standards (BIS) spearheads the gold hallmarking system, with a robust framework in place since the 2000s.
A significant milestone was achieved earlier this year in March, when the government made it obligatory for gold jewelry and artifacts to feature a six-character identification code, denoted as the Hallmark Unique Identification Number (HUID). This mandate effectively curbed the sale of older hallmarked jewelry featuring four logos, without the requisite HUID number, from the commencement of the new fiscal year.
The preceding hallmarking procedure consisted of four markers: the BIS logo, purity details of the article, the jeweler’s logo, and the Assaying and Hallmarking Centre logo. This comprehensive transformation underscores the government’s unwavering commitment to promoting quality and transparency in the gold sector.
