Govt plans to make hallmarking of gold bullion mandatory: BIS Director General
Hallmarking - a quality certification - has been made mandatory with effect from July 1, 2022 for gold jewellery (14, 18, and 22 carat) and artifacts in 288 districts of the country.
The government is planning to make hallmarking of gold bullion mandatory, Bureau of Indian Standard (BIS) Director General Pramod Kumar Tiwari said on Monday. According to the BIS chief, the government is ready with the draft guidelines for this. The development comes after hallmarking gold jewellery was made mandatory earlier last year.
Hallmarking -- a quality certification -- has been made mandatory with effect from July 1, 2022 for gold jewellery (14, 18, and 22 carat) and artifacts in 288 districts of the country.
"The demand from stakeholders has been that quality of gold jewellery can be ensured only if the bullion is hallmarked. We have prepared the draft guidlines. So, we have started the consultation process," Tiwari was quoted as saying by PTI.
Gold bullion is used as a raw material for manufacturing of jewellery and its purity is paramount, considering the large volume of jewellery, he said.
Tiwari said BIS has also set up an an advisory group with representations from jewellery, importers, refiners and assaying centres, among others.
"The advisory group will go through the draft guidelines and suggest if any are changes to be made. Thereafter, public comments will be sought on the same," he said.
Hallmarked gold bullion will help in ensuring the desired purity of gold jewellery being manufactured in the country, he added.
As per BIS data, more than 18 crore pieces of gold articles have been hallmarked since implementation of the mandatory hallmarking from July 2022.
Tiwari said about 92.08 per cent of samples have been cleared by BIS referral assaying labs so far in the current fiscal.
India is the world's largest consumer and importer of gold. The country imports about 700-800 tonnes of gold annually.
With agency inputs
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Fundamental picks by brokerage: These 3 largecap, 2 midcap stocks can give up to 28% return - Check targets
SBI Senior Citizen Latest FD Rates: What senior citizens can get on Rs 7 lakh, Rs 14 lakh, and Rs 21 lakh investments in Amrit Vrishti, 1-, 3-, and 5-year fixed deposits
Tamil Nadu Weather Alert: Chennai may receive heavy rains; IMD issues yellow & orange alerts in these districts
SIP+SWP: Rs 10,000 monthly SIP for 20 years, Rs 25 lakh lump sum investment, then Rs 2.15 lakh monthly income for 25 years; see expert calculations
Top 7 Mutual Funds With Highest Returns in 10 Years: Rs 10 lakh investment in No 1 scheme has turned into Rs 79,46,160 in 10 years
SIP vs PPF: How much corpus you can build in 15 years by investing Rs 1.5 lakh per year? Understand through calculations
Retirement Planning: Investment Rs 20 lakh, retirement corpus goal Rs 3.40 crore; know how you can achieve it
11:00 PM IST