It has been 50 days since the government introduced a mandatory stamping on jewellery for a profit of more than Rs 40 lakh. This is important for you the next time you visit a jewellery store to buy gold. Here’s why.
Buy only what you are promised
Hall markings will ensure that you only pay for the promised purity of gold.
“Previously there were jewelers who would sell 18 karat jewellery and charge the customer 22 karat jewellery saying it was pure. Now, this mandatory marking act will prevent such fraudulent practices, ”said Cecil de Santa Maria, executive director of ORRA.
Hallmark marking can also mean that you can get a small portion of the jewellery used to look, if it requires a fire extinguisher to obtain a certificate. But you will only be paying for the weight you gain, after such a waste. This, too, comes to be confirmed.
You can check if the piece of jewelry is marked by checking the logos. Three logos are available on the most iconic jewellery – the Bureau of Indian Standards (BIS) logo, hygiene logo and a unique six-digit Hallmarking ID (HUID) ID. The heritage symbol will be gone, ”said Surendra Mehta, National Secretary of the India Bullion & Jewelers Association.
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High cost of declared jewellery
The cost of your marked jewellery will definitely increase, experts say. Here’s why.
About 933 laboratories across India have been assigned the task of marking available jewellery (at least five pieces of money, according to market reports). They work day and night to show pieces of jewellery. They also invest in their machines and upgrade their insurance policies to protect themselves from theft and fraud. How does all of this affect you, the consumer?
Additional costs will be passed on to you. Rajiv Popley, director of Popley Group estimates a threefold increase in marking costs. “Labs do not accept jewelry as they have already reached their insurance coverage,” he said.
And since jewellers now would not be able to sell jewellery unless they were branded, they are more likely to lose out. This will lead to an increase in the cost of jewellery. “Some pieces of jewelry are cut to be examined and lead to the loss of a certain amount of jewellery,” Mehta said.
So don’t be surprised if your jewelery invoice mentions Rs 100 per piece as a mark / confirmation fee from September instead of Rs 35 per piece right now. “The fee per unit is Rs 35, so one earring can cost Rs 70 more to make a mark right now,” explains Popley.
offered by sellers of gold purchases.
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No more quick conversions
Prior to June 2021, if you wanted the 24-inch chain to be reduced to 20 inches, the homeowner could quickly reduce the length and deliver the jewelry you would give or wear to an evening wedding.
“Now the jewellery will have to go back to the laboratory for weight loss, certified and given to the customer only. The rapid transformation has become a thing of the past, ”said Dinesh Jain, director of the All India Gem and Jewelery Domestic Council.
Therefore, plan ahead if you are looking for customized jewelry. “The laboratories took more than 14 days to make the marking mark, which could have been done in 24-48 hours,” Popley said.
Can you still be deceived?
But just because a compulsory law of the Hallmarkinging Act has come into force, does not mean that you can buy jewellery without thinking that it is pure.
“Under the Act, there is an obligation to mark the jewellery of kundan, jadau and polki jewelry,” Mehta confirmed, adding that the same could be voluntarily considered purity at the request of the customer.
Also, mandatory marking is not mandatory for all jewellers. “While it is compulsory to display a brand, it is still possible for people to obtain non-branded jewelery as the government has made the rest of the stone dealers less than Rs 40 lakhs a year,” said Santa Maria.
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With limited laboratory numbers in the country, marking is mandatory in only 256 provinces (715 districts in India).
Mehta says it is best to only visit stores that display the BIS sign outside their showrooms, to avoid being deceived.
Check out the existing logos on your jewellery. “Consumers should ask for a clear label on a piece of jewelry or the item they are buying. Ask for a 10x magnifying glass and you will see a large Hallmark triangle, a caratage symbol or fineness, ”suggested Santa Maria.
But would a mandatory certificate mean that you could not sell your existing uncertified jewellery? “If you wish to sell your old untouched jewellery, the same will be accepted as experts sell untouched jewelery for many years, melting their pieces and recycling gold,” said Popley.
Therefore, you can easily sell your unsecured jewellery. Don’t settle for less because of this.
