Gold hallmarking likely to become mandatory soon; here’s why government thinks it’s necessary

By: |
Published: November 15, 2018 4:53:56 PM

Hallmarking of gold, currently voluntary in nature, is likely to become mandatory for jewellery sold in the market, Food and Consumers Affairs Minister Ram Vilas Paswan said Thursday.

Gold prices fall by Rs 100 on lacklustre demandBIS is the national Standards Body of India working under the aegis of Ministry of Consumer Affairs, Food & Public Distribution. (Reuters)

Hallmarking of gold, currently voluntary in nature, is likely to become mandatory for jewellery sold in the market, PTI reported citing Food and Consumers Affairs Minister Ram Vilas Paswan said Thursday. The hallmarking system for gold as well as silver jewellery sold in India means certification of the purity of the metal. The Bureau of Indian Standards (BIS) is the administrative authority of hallmarking.

“BIS has set standards for hallmarking of gold jewellery in three grades of 14 carat, 18 carat and 22 carat. We are going to make it mandatory soon,” PTI reported citing Ram Vilas Paswan at a BIS event.

BIS is the national Standards Body of India working under the aegis of Ministry of Consumer Affairs, Food & Public Distribution. It is established by the Bureau of Indian Standards Act, 1986 which came into effect on December 23, 1986.

Also read: Former IndiGo president Aditya Ghosh appointed CEO of OYO Hotels

Even though the minister didn’t specify the implementation date for making gold hallmarking mandatory, he stressed on the need to adopt the standards in the interest of consumers. India has over 220 BIS-recognised assaying and hallmarking centres; and maximum of them are located in Tamil Nadu, followed by Kerala.

Paswan also said that the fourth industrial revolution would be of smart technologies and the BIS has a challenge to speed up the work in establishing standards to make sure that the country is not lagging behind in this area. The minister launched the revamped website of BIS and the pre-standardisation report on smart manufacturing.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Switch to Hindi Edition
FinancialExpress_1x1_Imp_Desktop