Gold: Gold kept in the house will be useless, after the new rules of buying and selling, know what will happen to all the jewellery...
In our country, gold is not bought only for adornment, but it is a companion of difficulty in times of financial trouble. Buying gold is considered auspicious. Year after year, gold is passed from generation to generation. There has been a big change in the rules related to the gold that we keep in the vault.
The rules for buying and selling gold have changed. The new rules have come into force from 1 April 2023. But still, many people are unaware of these rules. Knowing about the new rule related to gold can harm you. That's why it is important to know it.
The rule of buying gold has changed-
While buying gold, questions have always arisen in the mind regarding its purity. To eliminate this concern, the government has made hallmarking mandatory. Earlier there was a 4-digit Hallmark, which has been changed to a 6-digit HUID number from 1 April 2023. The Bureau of Indian Standards (BIS) has mandated Unique Identification Number (HUID) with hallmarks of 6-digit words and numbers. Without this, no jeweler will be able to sell gold ornaments or coins.
Action will be taken on selling gold without this number-
BIS has made 6-digit HUID mandatory by replacing the old 4-digit hallmark. From April 1, action can be taken against jewelers for selling gold ornaments or coins without a 6-digit HUID number. In which there is a provision for both punishment and fine.
What about keeping old jewelry at home?
You must be wondering what will happen to the old jewelry kept in the wardrobe of the house. What will happen to those ornaments which do not have 6 digit HUID number? Will not be able to sell jewelry without this number. People who have old or un-hallmarked jewelry now have only two options.
The first option is to go to a BIS-registered jeweler and get your old jewelry hallmarked by him.
Another option is to get your jewelry tested at a BIS-accredited Assaying and Hallmarking Center and get your jewelery hallmarked.
How much will it cost-
Hallmarking of gold is necessary for selling or exchanging old jewelry. For this you will have to spend a nominal amount. When you take your old jewelery to a BIS registered jeweller, he will take your jewelery to the BIS Assaying and Hallmarking Centre. You will have to spend Rs 45 for each piece of jewelery you want hallmarked. Earlier this fee was Rs 35, which was increased to Rs 45.
Gold will be tested based on different standards and guidelines at the BIS center and then its certificate will be issued. Whenever you want to sell or exchange this gold jewelry, you will have to show that certificate. Significantly, from June 16, 2021, gold hallmarking is mandatory in India. However, there is also some exemption to this.
They have got a discount-
Hallmarking of gold is mandatory in India. However, there is also some exemption to this. Jewelers whose annual turnover is up to Rs 40 lakh have got relief. On the other hand, the rule Hallmark is not applicable for selling less than 2 grams of gold. Hallmark discounts on jewelry made for exhibitions. Apart from this, this rule does not apply to gold watches, fountain pens, or special ornaments that contain kundan, polki, or jadau work.
What is the use of Hallmark?
The biggest benefit of Hallmark is to the customers. Hallmarked jewelry has the logo of the Bureau of Indian Standards (BIS), on which information is also given about how many carats the gold jewelry is. BIS mark is given in Hallmark gold which is a guarantee of the purity of gold. They are marked by the Hallmarking Center according to the carat and purity.
