From 16 June, jewellers have been allowed to sell only hallmarked gold jewellery and artefacts.
The government has planned a phase-wise implementation of mandatory hallmarking under the Hallmarking of Gold Jewellery and Gold Artefacts Order, 2020.
Hallmarking is a certification of purity given by assaying and hallmarking centres showing purity; the mark of the jeweller; and that of the accredited BIS.
If it is feasible, jewellers can get the old jewellery hallmarked as it is, or they can purchase such jewellery and melt it and convert it into new jewellery and get it hallmarked before selling.
Yes, currently, mandatory hallmarking will be rolled out in 256 districts of the country which have AHCs.
There is a malpractice called “dabba hallmarking” wherein certification is done without due sampling or verification, or fake hallmarking.
It says the gold taken as collateral should be valued at the average of the closing price of 22 carat gold for the preceding 30 days as quoted by the India Bullion and Jewellers Association Ltd.