The government has recently made new rules related to the sale of gold items such as jewellery. These rules aim to bring more transparency to the sale of gold items and ensure that customers are not cheated. From April 1 this year, all gold jewellery must have a Hallmark Unique Identification (HUID) number. If you have old un-hallmarked gold jewellery and want to exchange or sell it, you must get it hallmarked. Take a look in detail at the new rules regarding the sale of gold artifacts.
What is HUID?
The Hallmark Unique Identification number on a gold artefact offers a distinct characteristic to the product. It also ensures that the gold item has the promised purity. The gold articles must have the purity mark, for example, 22-carat, and the Bureau of Indian Standards (BIS) logo.
What happens if you want to sell old un-hallmarked jewellery?
Gold jewellery without a hallmark cannot be sold, according to government regulations. If you have old un-hallmarked gold ornaments to exchange or sell, you have to get them hallmarked with a HUID.
Also Read: Is Your Gold Jewellery Original? Know This Method To Check Its Purity
Do keep in mind that if your jewellery has already been etched with old/earlier hallmark signs, you need not go through the hallmarking process. In this case, gold without HUID will be accepted.
Apart from this, gold under two grams, jewellery meant for international exhibitions, any article meant for export which is set to the specific requirement of the foreign buyer, and fountain pens, watches or special types of ornaments are exempted from hallmarking.
Jewellers with an annual turnover of below Rs 40 lakh are also exempted from the process.
How to get old gold jewellery hallmarked?
Customers can get the jewellery tested from any BIS-recognised hallmarking centre. The person will have to pay Rs 45 per article, in case the number of items to be tested is five or more. In case the consignment has four articles, the charge will be Rs 200.
You can also get their ornaments hallmarked through a jeweller registered with the BIS. The jeweller will take the item to the BIS Assaying and Hallmarking Centre for the process.
How will the changes affect customers?
The new hallmarking rules will make the process of buying gold more transparent and ensure that the quality of the products is maintained. Jewellers who do not get the gold hallmarked could face one year imprisonment, penalty amounting to five times the price of gold jewellery or both.
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