Gold Bullion Hallmarking, BIS: Mandatory hallmarking for gold jewellery is already in place across more than 300 districts in India, and now the focus is shifting towards extending this requirement to gold bullion. This initiative aims to enhance trust and purity in the jewellery market by ensuring that even the bullion used in jewellery making is certified for quality.
A crucial meeting for stakeholder consultation on the Mandatory Hallmarking of Gold Bullion took place on September 3, 2024, at Manak Bhawan, the BIS headquarters in New Delhi.
According to sources, the key points of consensus during the meeting included:
Phase-Wise Implementation: It was agreed that mandatory hallmarking should be introduced in phases, initially excluding all micro refiners and jewellers.
Applicability: The mandatory hallmarking should apply only to gold bullion above 100 grams.
Purity Standards: The requirement should be enforced for bullion with 995 and 999 purity levels.
Coin Hallmarking: Coins of 995 purity should be allowed to undergo hallmarking, with HUID, by Assaying and Hallmarking Centers (AHCs).
Support for Micro Refiners: The BIS Refining Scheme should support micro refiners in upgrading their processes, replacing hazardous refining methods, and helping them integrate into the mainstream industry. This transition is expected to create more business opportunities and employment. Additionally, their association will provide guidance to BIS and stakeholders on expanding mandatory compliance after the first phase of implementation.
The meeting saw participation from key stakeholders across various sectors, including the IFSC, IIBX, India Government Mint, Ministry of Finance, Ministry of Commerce, Ministry of Consumer Affairs, BIS, IBJA, GJEPC, GJC, World Gold Council, IAHC, BSS and the Refiners Association. Additionally, Jewellers and Karigar Associations from various states were also represented, ensuring a comprehensive discussion with input from all major facets of the industry.
This move is expected to bolster the integrity of the gold supply chain in India, ensuring that all stages—from bullion to finished jewellery—are marked by quality and trust.
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