India on Wednesday began a mandatory gold hallmarking. The hallmarking will be implemented in a phased manner, to begin initially with 256 districts, said the Indian Ministry of Consumer Affairs, Food and Public Distribution.
"Continuing our government's endeavour for better protection and satisfaction of customers, mandatory hallmarking in 256 districts will be implemented from 16 June . No penalty will be imposed till August 2021. This will help develop India as a leading global gold market center," tweeted Piyush Goyal, the Union Minister for Consumer Affairs and Food and Public Distribution.
As per an official release, jewellers with annual turnover up to Rs40 lakh will be exempted from mandatory hallmarking, reports the ANI.
"Hallmarking will be initially be starting from 256 districts of the country which have Assaying marking centres. Jewellers with annual turnover up to Rs40 lakh will be exempted from mandatory hallmarking.. Export and re-import of jewellery as per Trade Policy of Government of India - Jewellery for international exhibitions, jewellery for government-approved B2B domestic exhibitions will be exempted from mandatory hallmarking.," the release said.
It further informed that gold of additional carats 20, 23 and 24 will also be allowed for hallmarking.
However, watches, fountain pens and special types of jewellery-- including Kundan, Polki and Jadau-- will be exempted from hallmarking.
"Jewellers can continue to buy back old gold jewellery without hallmark from the consumer. In order to give adequate time to the manufacturers, wholesalers and retailers of gold jewellery, there would be No penalties till August end. Old jewellery can be got hallmarked as it is, if feasible by the jeweller or after melting and making new jewellery," the Ministry added.
It further said a committee constituting representatives of all stakeholders, revenue officials and legal experts will be formed to look into the issues that may possibly emerge during the implementation of the scheme.