Hallmarking Specification to Rejig india's Gold Market Dynamics

SEATTLE (Scrap Monster): The recent decision by the Indian government to make gold hallmarking mandatory is likely to have significant impacts on country’s gold market dynamics, at least for the next one year or so.

According to Surendra Mehta, national secretary, India Bullion & Jewellers Association (IBJA), non-hallmarked jewellers are likely to offer discounts and offers including low to zero making charges, in a bid to clear their existing stock. They will be forced to offer heavy discounts, as the one-year transition period of mandatory hallmarking comes nearer. This, in turn, will result in significant losses to non-hallmarked jewellers. Also, they will be forced to melt the non-hallmarked jewellery stock upon expiry of the deadline.

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The government notification on hallmarking is expected to be released by 15 January, 2020. Jewellers in the country will be given a transition period of one year, within which they will have to get themselves registered with the Bureau of Indian Standards (BIS) by getting rid of their non-hallmarked jewellery.

As per sources, there are many jewellers in small cities and rural areas, who sell non-hallmarked jewellery, as people here are mostly unaware of the importance of hallmarking.