Mandatory Hallmarking w.r.t Gold in India (Part 1) | by CA Deep Kinra

#mandatoryhallmarking #hallmarkingofgoldjewellery #hallmarkinginindia

In this video, we have explained regarding the mandatory hallmarking to be implemented in India for Gold Jewellery. We have also discussed about the cautious that consumer should take before purchasing Gold Jewellery after Hallmarking becomes Compulsory in India.

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Time Stamps:

00:00 Introduction
00:51 Overview of Hallmarking
01:07 Objective of Hallmarking
01:33 Hallmarking Scheme
04:15 How to Check Hallmark
05:25 Registration
05:54 Consumer Protection
07:42 Right of Consumer
08:03 Compensation to Consumer
08:25 Complaint Procedure
09:00 FAQ on hallmarking scheme
10:51 Conclusion
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Keywords:
mandatory hallmarking, mandatory hallmarkingof gold, mandatory hallmarking of gold jewellery, compulsory hallmarking in india, hallmark kya hai, gold jewellery hallmark, hallmark charges
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Content
Overview of Hallmarking
Objective of Hallmarking
Hallmarking Scheme

Features of the Scheme
Precious metal articles of gold notified to be marked with hallmark shall be sold only by registered jewellers through certified sales outlets;
This order makes it compulsory for all the jewelers selling Gold jewellery and artefacts to register with BIS and sell hallmarked Gold jewellery and artefacts of 14, 18 and 22 carat only;
Nothing in this order shall apply to precious metal articles:
any article meant for export, which conforms to any specification required by the foreign buyer;
an article with weight less than two grams;
an article which is in course of consignment from outside India to an assaying and hallmarking centre in India recognised as per the Bureau of Indian Standards (Hallmarking) Regulations, 2018, for hallmarking;
any article which is intended to be used for medical, dental, veterinary, scientific or industrial purposes;
any article of gold thread;
any manufactured article which is not substantially complete, and which is intended for further manufacture.
Bill must contain detail of every item, with proper detail;
Bill must also disclose the detail of every single item seperately.

How to Check Hallmark

Registration under mandatory hallmarking
For hallmarking of jewellery, a jeweller who wants to sell hallmarked jewellery has to obtain a registration from BIS;
The registration of jeweller's process has been made online;
Once Registered it is applicable for 5 Years;
The same procedure is applicable for renewal of registration.

Consumer Protection
Consumer should buy Hallmarked Jewellery from BIS registered jewellers and the following points should be taken care off:
Ensure that Jeweller is registered under BIS;
Please check the BIS certificate of registration displayed in the shop.
Certificate should carry the address of the shop also;
Check Hallmark, consisting of four marks, on the article with the help of a magnifying glass of 10 X magnification available in the shop.
Do not pay Hallmarking cost more than Rs.35/- +GST per piece for gold jewellery and Rs.25/- +GST per piece for silver jewellery.
Do not forget to take the bill which should mention:
hallmarking cost,
net weight of precious metal,
purity in carat and
fineness.

Right of Consumer

Compensation to Consumer

Complaint Procedure
Consumer Engagement Portal at BIS website www.bis.gov.in.

Need of hallmarking for selling gold
Gold without hallmark can be pledged
What if traders insist on hallmarking after for purchase of Jewellery after Implementation of the Act?
What will happen to gold that is not hallmarked
Will the price of jewellery go down if they are not hallmarked?
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Disclaimer
This video is only for educational purpose. Do not consider it to be an opinion in any manner what so ever. Do check the facts and figures before trusting. We do take care to use authentic information only, but we will not be held liable in any manner what so ever in case of any contradicting fact or any loss incurred to you relying upon the information given in this video.

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Regards:
CA. Deep Kinra