Categories: Business

Deadline for mandatory hallmarking of gold jewellery extended

Photo: FILE

Deadline for mandatory hallmarking of gold jewellery extended

new Delhi. To ensure the quality of gold jewelery and artifacts, the deadline for mandatory hallmarking on them has been extended to June 1, 2021. Consumer Affairs Minister Ram Vilas Paswan said on Monday that the government has deferred the deadline for more than four months due to Kovid-19. Hallmarking of gold is currently voluntary. The Center announced in November last year to make it mandatory from 15 January 2021. Jewelery vendors were given more than a year to adopt hallmarking and register with the Bureau of Indian Standards (BIS).

Paswan told reporters at a virtual press conference, "The jewelers had requested for extension of time. We have extended the deadline of January 15 to June 1, 2021 in view of the Kovid-19 crisis." The jewelers will be allowed to sell only 14, 18 and 22 carat gold jewelery from June 1 of the year. The All India Gems and Jewelery Household Council (AGJDC) and the Indian Bullion and Jewelry Dealers Association have sought an extension of the deadline. AGJDC Vice President Shankar Sen recently stated, “Due to the lockdown, jewelery vendors have lost about three months in sales and operations. It will take 3-4 months to return to the sales track.

BIS has already been running a hallmarking scheme for gold jewelery since April 2000, and currently around 40 percent of gold jewelery is being hallmarked. So far 28,849 jewelery vendors have been registered by BIS. According to the BIS, compulsory hallmarking will help the common people avoid buying low-carat jewelery and ensure that consumers do not get cheated while buying gold ornaments and that they get the jewelery as per the purity inscribed on the jewelery. India is the largest importer of gold, mainly catering to the demand of the jewelery industry. In terms of quantity, the country imports 700–800 tonnes of gold annually. However, this time there has been a sharp decline in imports due to Corona crisis.

This post was published on July 27, 2020 11:15 pm

Content Team

Recent Posts

Rupee ends 20 paise lower at 75.01 per dollar

Photo: GOOGLE Rupee Vs Dollar new Delhi. The rupee has seen weakness against the dollar in Monday's trade. In the…

Bank accounts opened under Jan Dhan Yojana crosses 40-crore mark The number of bank accounts under the Jan Dhan Yojana is more than 40 crores, it has deposits of 1.30 lakh crores.

Photo: ZEEBUSINESS Bank accounts opened under Jan Dhan Yojana crosses 40-crore mark new Delhi. More than 40 crore bank accounts…

LG will launch affordable 5G smartphone by the end of the year, Realme's new charger will full charge in 20 minutes

Photo: IGN.COM LG to launch affordable 5G smartphone later this year Seoul / New Delhi South Korean tech company LG…