Government makes hallmarking, a purity certification, mandatory for gold jewelry and artefacts from June 1. With this, only 14, 18, and 22-carat gold jewellery can be sold by jewellers.
In November 2019, the central government had announced that hallmarking of gold jewellery and artefacts would be made mandatory from January 15, 2021. The jewelers were given ample time to register themselves with the Bureau of Indian Standards (BIS).
India has around six lakh gold traders in the country. Of this, only 34,647 jewellers are licensed by the Bureau of Indian Standards (BIS) hallmarks. The bureau is expecting around 1 lakh jewellers to register within the next one-two months.
Hallmarking for gold jewellery is being done since April 2000. Around 40 percent of gold jewellery currently being sold is hallmarked. It is made mandatory to eliminate counterfeits in the gold trade.
India which imports 700-800 tonne of gold annually is the largest importer of gold in the world.
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