According to the guidelines issued by the central government, the deadline for old ornaments without hallmarking stamps was till January 15. Due to Corona, the government has extended it till June 2021.
Will your gold jewelery become useless after January 15 without hallmark know everything about this
New Delhi: Many people are confused about the hallmarking of gold jewelery. Some believe that such gold ornaments that do not have hallmarking stamps cannot be sold after January 15. Although some people believe that such jewelry can be sold for some time. Let us remove your confusion and tell us what is the matter?
Actually, according to the guidelines issued by the central government, the deadline for old ornaments without hallmarking stamps was till January 15. However, in view of the corona virus epidemic, the government has decided to extend it till June 2021. Explain that the Hallmarking Act will be applied between the traders and consumers only during the sale of jewelry.
Gold can be exchanged even after January 15
Even after 15 January 2021, gold exchange can be done without hallmarking. If a trader refuses to exchange gold, the consumer can take legal action against it.
Gold can be pledged without hallmark
Explain that gold can be pledged without hallmarking. Apart from this, this rule will not be applicable while taking a gold loan.
These rules will come into effect from June 1, 2021
Jewelers cannot sell jewelery without hallmarking stamps from June 1, 2021 onwards. However, consumers can sell or exchange their jewelery. At the same time, customers will be able to sell the jewelry in the market price according to its purity. Under the new rule, jewelery vendors will only be able to sell hallmarked jewelery and gold artifacts made of 14, 18 and 22 carat gold. Violations will also attract heavy fines. However jewelers can buy 21 carat jewelery from customers.
What is hallmark?
Hallmark is a proof of purity in a way. Gold, silver or precious metals bear the hallmark mark. Actually, the official mark of quality from the Bureau of Indian Standards (BIS) is called Hallmark.
The system of hallmarking is also different in different countries. Hallmark jewelery is of international standard. The purity of hallmarking jewelry is guaranteed. The hallmarking system on gold jewelry in India has been in force since 2000 on gold and silver jewelry since 2004, but till now there was no mandatory hallmark mark on jewelry in India.
Nidhi Malviya is fun loving girl. She writes at NoobFeeds about various topics related to Finance, Technology, Business etc.