Paswan to release gold jewellery, artefact hallmarking notification on Wed

Gold vault in Kolkata RBI museum. Photo: Namrata Acharya
Union Minister of Consumer Affairs Ram Vilas Paswan announced on Tuesday via a tweet that notification to make hallmarking of gold jewellery and artefacts mandatory will be issued on Wednesday. The announcement was made a month ago but the industry was waiting for the notification. 

As per announcement, one year will be given to jewellers to clear jewellery stock which is not hallmarked and from January 2020 any jewellery sold in the country has to be hallmarked and in 14 (585 purity), 18 (750) and 22 (916) carat gold. 

As on 31 December, 892 hallmarking centres have been approved by the Bureau of Indian Standards (BIS). However, once mandatory hallmarking comes into effect, jewellers have to get license from BIS without which they will not be able to sell gold jewellery.

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel