The government is considering bullion hallmarking. Hallmarking of gold bars and coins will be necessary. Jewelers will find it easier to identify pure gold. The purity of imported coins was not certified. Hallmarking will be done with 6 digit HUID. The government wants to solve this problem.
IBJA’s proposal on hallmarking
Hallmarking of 9 carat jewelery is proposed. Currently, jewelery up to 14 carats is hallmarked. Hallmarking of 9 carat jewelery is not yet mandatory. 9 carat jewelery is sold in large quantities. Sales take place in rural areas and small towns. IBJA says that hallmarking on 9 carat jewelery will increase people’s confidence.
Purity seal on silver?
There will also be hallmarking of silver jewellery. The government is considering the hallmarking proposal of silver. Is considering making hallmarking mandatory. The industry is demanding hallmarking of jewellery. Stakeholders want hallmarking of jewellery.
Industry on silver hallmarking
Hallmarking will benefit silver customers. People benefited from hallmarking of gold. Industries say that hallmarking will increase people’s confidence in the market.
Approval of gold bullion hallmarking possible in April
IBJA Secretary Surendra Mehta Said that gold comes into the country in two ways. There is concern over gold coming from non-approved BIS refinery. There are only 50 BIS approved refineries in the country. There are more than 8000 BIS non approved refineries. Gold prices are continuously increasing. There will be hallmarking on the sale of bullion.
Surendra Mehta further said that approval of gold bullion hallmarking is possible in April. There will be hallmarking on the sale of bullion. Hallmarking is not required for making jewellery. Gold bullion hallmarking will benefit the industry and people. The worry about the purity of gold coming from non-approved BIS refinery will be removed.
Industry will benefit from hallmarking of silver
While talking about hallmarking of silver, Foresight Bullion Founder, Viraj Didwania Said that the industry will benefit from hallmarking of silver. Despite the increase in the price of silver, people did not care and good buying was seen till Rs 85000-90000. There will be good demand for silver during the wedding season.
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