Business

Deadline for necessary hallmarking of gold jewelry prolonged until June 1 subsequent yr: Paswan

Summary

NEW DELHI: The federal government has prolonged deadline for necessary hallmarking of gold jewelry and artefacts by over 4 months until June 1, 2021, within the wake of the continuing COVID-19 pandemic, shopper affairs minister Ram Vilas Paswan stated on […]

NEW DELHI: The federal government has prolonged deadline for necessary hallmarking of gold jewelry and artefacts by over 4 months until June 1, 2021, within the wake of the continuing COVID-19 pandemic, shopper affairs minister Ram Vilas Paswan stated on Monday.
Gold hallmarking is a purity certification of the dear metallic and is voluntary in nature at current.
The Centre, in November final yr, had introduced that hallmarking of gold jewelry and artefacts can be made necessary throughout the nation from January 15, 2021.
The federal government had given jewellers greater than a yr to shift to hallmarking and register themselves with the Bureau of Indian Requirements (BIS).
“Jewellers had made a request to increase the time. We have now prolonged the deadline from January 15 to June 1, 2021, in view of the disruption within the wake of the COVID-19 disaster,” Paswan informed reporters in a digital press convention.
From June 1 subsequent yr, jewellers will likely be allowed to promote solely 14, 18 and 22 carats of gold jewelry, he stated.
Extra on Covid-19

The All India Gem and Jewelry Home Council (AGJDC) and the India Bullion and Jewellers Affiliation had demanded the extension of the deadline.
“Because of the lockdown, jewellers have misplaced virtually three months for gross sales and operations. It should take one other 3-Four months earlier than gross sales get again on observe. It’s extremely possible that they are going to be left with jewelry with no hallmarking,” AGJDC vice-chairman Shankar Sen had stated just lately.
The BIS is already operating a hallmarking scheme for gold jewelry since April 2000, and round 40 per cent of gold jewelry is being hallmarked presently. Thus far, 28,849 jewellers have been registered by BIS.
In response to the BIS, the necessary hallmarking will defend the general public towards decrease caratage and guarantee customers don’t get cheated whereas shopping for gold ornaments and get the purity as marked on the ornaments.
India is the biggest importer of gold, which primarily caters to the demand of the jewelry business. In quantity phrases, the nation imports 700-800 tonne of gold yearly.

Leave a Reply

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

%d bloggers like this: