Gold is not just an ornament but a deposit. People in India see gold as an investment more than Jewellery. This type of investment can come in handy anytime in times of trouble.
If ever there is such a financial problem, within a few hours, the gold Jewellery locked in the home vault is ready for you as an emergency fund. People barely survive by selling gold Jewellery, but this is no longer the case.
Now you will not be able to sell old jewelry
The government has changed the rules for buying and selling gold jewellery. If you have old jewelry at home and are thinking of selling it or breaking it down to make new jewelry, definitely read this news. Because the government has made new rules for the sale of jewelry.
You can’t sell the old jewelry you keep at home unless you get it hallmarked. The government has issued new rules for gold hallmarking, buying and selling of gold.
Hallmarking of old gold jewelery kept in homes has also become mandatory as per the rules. The new rules state that from April 1, 2023, all gold jewelery and artefacts must carry a Hallmark Unique Identification (HUID) number.
However, earlier it was believed that hallmarking would be applicable only when buying new jewelery or gold items.
Old hallmarks will work
If a customer has hallmarked gold jewelery with old/earlier hallmark marks, it will also be treated as hallmarked jewellery. Gold ornaments already hallmarked with old marks need not be re-hallmarked with HUID number.
Such hallmarked jewelery can be easily sold or exchanged for new designs. From April 1, the government has made Hallmark Unique Identification Number (HUID) mandatory for the sale of gold jewelery as well, reports Economic Times.
After this decision of the government, now hallmarking has become necessary for the sale of gold. The central government has now made a special rule for old gold ornaments too. After the new rule, you won’t be able to sell jewelry without a HUID.
According to the Moneycontrol report, the government has gone a step further and has now made hallmarking mandatory even for the sale of old jewellery. According to BIS, consumers who have un-hallmarked gold jewelery should compulsorily get it hallmarked before selling it or exchanging it for a new design.
If you had gold jewelery made before the Hallmarking Rule came into force and now wish to sell or exchange it, you will not be able to do so. Before selling old gold jewelery or other gold products, you will also need to get them hallmarked.
How to get Hallmarking done?
Customers have 2 options to get their used jewelery hallmarked. They can get old, unhallmarked jewelery from a BIS registered jeweller. A BIS registered jeweler will take the unhallmarked gold jewelery to the BIS Assaying and Hallmarking Center for hallmarking.
Another option for customers is to get the jewelery tested and hallmarked at any of the BIS-accredited hallmarking centres. Gold hallmarking is the hallmark of pure gold. You can tell how pure gold is by looking at the hallmark.
Hallmark is also required for sale of gold jewellery
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By getting hallmarking on old jewelery where you will get the right price of your old gold jewellery, the government will also know how much black money has been hidden by investing in gold.
For this purpose, from April 1, 2023, the government has made Hallmark Unique Identification (HUID) mandatory on all gold jewelery and gold products in the country. The purity of gold in gold jewelery can be known through this unique number.
Jewelers cannot fool you about the purity of gold. Gold ornaments will bear the logo of Bureau of Indian Standards (BIS). Whether the gold is 18 carat, 20 carat, 22 carat or 24 carat, the details will be there.
How much money do you have to pay?
For hallmarking if the number of ornaments is 5 or more, the customer has to pay Rs 45 for each piece of jewellery. 200 rupees have to be paid to get 4 pieces hallmarked. A hallmarking center recognized by BIS will examine the jewelery and issue its certificate.
Consumer can take this report to any gold jeweler selling his/her old unhallmarked gold jewellery. If your jewelery already has hallmarking, you can easily sell or exchange it.
Government issued rules for sale of jewellery
But if your jewelery does not have this mark then you have to get it hallmarked before selling or exchanging it. There is also a rule on how to get hallmarking done in old jewellery. For this you have to take your old jewelery to a BIS registered jeweller
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The jeweler will take the jewelery to the BIS Assaying and Hallmarking Centre, where after checking the purity of the jewellery, it will be hallmarked. If you prefer, you can also go directly to the hallmarking center to get this done.
For hallmarking of old jewellery, the jewelery owner i.e. you have to pay a fee of Rs 45 per piece only. The Hall Marking Center will issue a purity certificate after checking the purity of the jewellery. You can show the certificate while selling or exchanging jewellery.