From April 1, all the gold jewellery will be sold after proper hallmarking with a six-digit alphanumeric HUID (Hallmark Unique Identification). The new regulations will be implemented in the gold jewellery industry that will affect you as a jeweler or dealer.
Under the new Government rules, the jewellers will not be allowed to sell gold ornaments that do not have a 6-digit HUID. There is a provision of one year of imprisonment or a penalty of up to five times the amount of the jewelry sold for the violation.
Moreover, jewellers will no longer be able to sell 4-digit hallmark jewellery, and will instead be required to sell only 6-digit hallmark jewellery.
These changes are part of the government's efforts to ensure the quality and authenticity of gold jewellery being sold in the market, and to prevent fraud and malpractice.
However, it is important to note that customers can still sell their jewellery even if it doesn't have a hallmark ID. The new regulation only applies to the sales made by jewelers and not by individuals.
And even if your jewelry does not have a hallmark ID, you can still use it as collateral to get a gold loan from a bank or a financial institution.
But what exactly is 6-digit hallmarking, and why is it so important?
6-digit Hallmarking
A hallmark is a stamp or mark on a piece of jewelry that provides important information about the jeweler who hallmarked it, their registration number, the purity of the article, the type of article, and details of the hallmarking center that tested and hallmarked the article.
The 6-digit hallmark ID is a unique identification number given to jewelers who have registered with the Bureau of Indian Standards for hallmarking services.
Why is 6-Digit hallmarking important?
Hallmarking is essential for ensuring the quality and authenticity of gold jewelry. With the 6-digit hallmark ID, buyers can be assured that the gold they are purchasing is of the highest quality and that it has been hallmarked by a recognized authority.
Also, it provides a record of the jeweler who hallmarked the gold, which can help with tracking and accountability.