The Bureau of Indian Standards (BIS) has recently mandated that gold jewellery held by manufacturers and sellers must be hallmarked and dated. However, jewellers have expressed concerns that applying hallmarks and dates to the jewelry in their inventory could result in significant losses, as customers may perceive them as outdated designs and refrain from purchasing them. According to Manoj Jha, the director of the All India Gem Jewellery Domestic Council, there is a suggestion that the Bureau of Indian Standards (BIS) should implement hallmarking regulations exclusively for jewelry that is prepared for immediate sale, rather than applying them to the existing stock that has not yet been released to the market.
What Does Hallmarking of Jewellery Means?
Hallmarking on jewellery refers to the process of certifying and verifying the purity and authenticity of precious metals, particularly gold and silver. It involves stamping or engraving specific marks or symbols on the jewelry item, indicating its fineness, manufacturer's identification, and compliance with established quality standards. These marks are typically applied by authorized assay offices or designated organizations to ensure transparency, consumer protection, and trust in the jewellery industry. Hallmarks provide consumers with vital information about the metal's purity, allowing them to make informed purchasing decisions and safeguarding them against counterfeit or substandard products.
“We expect that BIS will look into this matter as well,” added Jha. Jha emphasized that the stored jewelry does not consist of old jewellery. According to him, manufacturers typically retain their stock before showcasing it for sale, and these pieces should be exempt from mandatory hallmarking.
According to the previous information, from March 31, 2023, it became mandatory for all gold jewellery sold in India to bear the BIS (Bureau of Indian Standards) hallmark. The BIS hallmark signifies that the gold jewellery meets the prescribed standards of purity and authenticity set by the government. This regulation aimed to protect consumers from purchasing low-quality gold jewellery and to ensure transparency in the gold jewellery market.
Source: Times Of India