The Goa Gold Dealers Association is welcomed the mandatory gold hallmarking order that was announced recently. The order comes into effect from January 15 2021, reports Team B&C
In a long awaited move that is beneficial to consumers the government is made it compulsory for all jewelers to sell only hallmarked gold.
As per the government notification only registered jewellers will be allowed to sell hallmarked gold articles through certified outlets. Further instead of ten grades earlier registered jewellers have to sell jewellery and artifacts in only three grades of gold, viz. 14 carat, 18 and 22 carat.
The notification comes into force from January 15 2021 as jewellers have been given a year’s time for implementation. Violation of the notification will be punishable under the provisions of Bureau of Indian Standards Act 2016.
The Goa Gold Dealers Association (GGDA) is welcomed the move by the government and said that it will submit a memorandum to the government to set up more hallmarking centres in the state.
“Goa till now has only two hallmarking centres one in Margao and the other in Mapusa .The first hallmarking centre in Margao was due to the efforts of local industry. The GGDA was instrumental in setting it and giving support. The government plans to set up hallmarking centres in each district in the country and that is need of the hour for this process to be implemented smoothly and efficiently,” said Pramit Raikar, president, GGDA.
Meanwhile at the national level the World Gold Council India is said that, the transition period of one year will allow the industry enough time to sell the existing inventory while simultaneously working on plugging any gap in infrastructure or making suitable changes in logistics. “Making hallmarking is a much awaited progressive step to safeguard the interest of the consumers particularly women who put their hard earned savings into this asset class.
This reform backed by tight enforcement mechanism will underpin trust and change of perception of Indian gold jewellery creating a favourable environment to market the famed handcrafting skills appropriately,” said the WGCI.
The WGCI also expects employment potential from hallmarking. “It will create a level playing field benefitting small players,” said the industry body.
The mandatory hallmarking that will come into effect after a year is not required for gold meant for exports. It will also not apply on any article which is intended to be used for medical, dental, veterinary, scientific or industrial purposes. “Any article of gold thread and any manufactured article which is not substantially complete, and which is intended for further manufacture,” the notification said.
Hallmarked gold jewellery will have four components, viz. BIS mark signifying purity in carat and fineness, assaying and hallmarking centre’s identification mark and the jeweller’s identification mark and number. All jewelers will have to register with the BIS following the hallmarking notification.