Rules to buy gold will change from January 2020, it is important for you to know:
If you too are planning to buy jewelry for yourself, then this news can make you happy. Because, by 2020, a rule related to the purchase of gold is going to be changed.
Gold is considered auspicious for shopping in any festive season, wedding season. Especially, sales of gold and silver are also high during these days. If you too are planning to buy jewelry for yourself, then this news can make you happy. Because, by 2020, a rule related to the purchase of gold is going to be changed. After a long time, the hallmarking of gold has been made mandatory. In January 2020, notifications regarding this will also be released. However, it will take time until 2021 to be implemented across the country.
The Consumer Affairs Ministry has approved the proposal to make BIS hallmarking mandatory for gold jewelry. This proposal was passed on 1 October. However, this proposal has just been sent to the WTO. Consumer Affairs Minister Ram Vilas Paswan has also said that after approving the proposal, the rule will be implemented throughout the country. However, the rule will be made mandatory from 15 January 2021 only.
Hallmarking will be necessary:
According to the government, these rules will be implemented in the next 2-3 months under the prescribed procedure. According to the rules, the WTO first has to report it. This process takes about two months. At present, hallmarking on gold jewelry is voluntary. However, after the new rule comes into force, it will be mandatory for all jewelers to take hallmarking before selling jewelry.
Why is gold hallmarking important?
Let me tell you, hallmarking of gold means proof of its purity. Currently, this rule is voluntary for jewelers. However, it will be made mandatory after getting approval from the WTO. With the coming of the new rule, customers who buy jewelry will get proof that they are getting pure gold.
What will happen with the new rule?
Hallmark marks are given on gold jewelry from the Bureau of Indian Standards (BIS). Hallmark is proof that the purity of gold has been tested in the licensee lab. BIS is the only agency in the country that has the approval for hallmarking of gold jewelry. At present, there are around 800 hallmarking centers in the country and only 40 percent of jewelry is hallmarked. BIS has set standards for hallmarking for three grades – 14 carats, 18 carats, and 22-carat gold.
Customers will benefits:
In most parts of the country, 21-carat gold is sold to customers instead of 22 carats. However, the price of jewelry is charged at 22 carats or 24 carats. Being a hallmark, this lie can be caught. If the hallmark is not correct, a notice will be issued to the jeweler first. Jewelers must also obtain a license for hallmarking.