Big relief for jewellers! Gold Hallmarking rules postponed for three months ahead of festive season

Gold Hallmarking news: Ahead of the festive season, the Modi government has given great relief to the jewellers. The government has extended the deadline for implementing gold hallmarking by three months. While the deadline for gold hallmarking ended on August 31, jewellers now have till November 30 to implement mandatory hallmarking on gold.

Apart from hallmarking gold, there is also news that jewellers can also get relief in the rules of Hallmarking Unique ID (HUID). The HUID rules will be applicable only up to the hallmarking centre and jewellers and consumers will not be traced through this ID. There was confusion among the jewellers regarding these rules. 

Notably, the biggest problem regarding hallmarking of gold was with the HUID itself, because once the registration is done, the HUID is finding it difficult to change the design. Any change in the jewellery will result in re-registration, and this is becoming a major issue.

In this arrangement, some units have been exempted from mandatory hallmarking. Jewellers with an annual turnover of up to Rs 40 lakh have been exempted from mandatory hallmarking. The exemption has also been given to those units, which export and then import jewellery as per the trade policy of the government. Apart from this, there will be an exemption from this for international exhibitions as well as for B2B (business-to-business) domestic exhibitions with government approval.

At present, the rules of mandatory gold hallmarking are applicable in 256 districts of the country. Along with 18 carats, 22 carats, now 20 carats, 23 carats and 24 carats will also be allowed. Hallmark will also have to be put on the old jewellery along with the new jewellery. Apart from this, gold used in watches, fountain pens and kundan, polki and jadau jewellery have been exempted from mandatory hallmarking.

Let us tell you that the rules of mandatory hallmarking are applicable from June 16, 2021. The jewellers were not ready for these rules and against this, they also went on strike, in which about 350 associations took part. The association says that this is a very difficult process, which will take time to implement and it is not ready for it yet. With this, the business of small and big jewellers will come to a standstill except for big companies.