October 17, 2024 - Starting next year, the central government is set to make hallmarking mandatory for all gold bullion used in jewellery manufacturing, including imports. This will be implemented across the country in a phased manner to ensure adherence to purity standards.

A committee was formed to look into the matter of hallmarking gold bullion and it has submitted its report. All procedures are expected to be completed by end of this year and rules may be finalised by December. All stakeholders involved have agreed to this scheme.

In 2022, the Bureau of Indian Standards (BIS) already made hallmarking mandatory for jewellery and artefacts in order to certify the purity of gold. The covered items included 14-carat, 18-carat, 22-carat, 23-carat, and 24-carat gold.

It is believed that purity of the gold used to make jewellery will be guaranteed after hallmarking bullion. Consumers will be able to determine purity before making jewellery as well as the alteration in quality after the jewellery is made.

Meanwhile, yesterday, October 16, the price of 24-carat gold in New Delhi's bullion market reached an all-time high of Rs 78,900 per 10 grams due to constant buying. It was priced at Rs 78,750 in Indore and Rs 78,400 in Jaipur. Additionally, 22-carat jewellery gold is priced at about Rs 73,000 every 10 grams.

On the MCX, gold futures also reached an all-time high of Rs 76,364. According to the Indian Bullion and Jewellers Association (IBJA), the average price of gold across the country yesterday, October 16, reached an all-time high of Rs 76,553.

Experts believe that the upcoming festive and wedding seasons may cause gold prices to surpass Rs 80,000.

Source: Media Reports