Indian Government cut license fee for gold hallmarking by up to 87.5 per cent!

gold-hallmark-licenseThe prices of gold have seen constant decline off late and global reasons were blamed for the same. However, it seems the Indian government has taken it on them to improvise the situation. To start with, in order to boost the sale of pure gold, government went on to cut license fee for gold hallmarking by up to 87.5 per cent for the jewelry makers in small town. At the same a system has been launched to give unique identification number (UIN) for each jewelry with purity certification.

Presently, the license fee is Rs 20,000 for three years, that too for all jewelers across the country, however, after the reduction announcement by government, now the license fee is going to be Rs. 2500 for three years for jewelers in small towns with a population of less than three lakh, whereas for population of 3-10 lakh, the fee will be Rs. 5000 for three years. The step to reduce license fee has been taken to promote the hallmarking of gold, which is quite controlled as for now.

In layman’s term, gold hallmarking is a purity certification of precious metals. The Bureau of Indian Standards (BIS), under the Consumer Affairs Ministry, has the executive right of hallmarking. Making an announcement over the same, Food and Consumer Affairs Minister K V Thomas said that hallmarking of gold is not compulsory at present. That’s why reason that license fee has been reduced so that jewelers from smaller towns also come forward to take license for hallmarking.

He added further than BIS is going to introduce a UIN on each gold jewelry, which weights more than 10 grams in order to shield the customers from deceitful jewellers. This way, it would be easy to trace the jewelry, and quick action could be taken against the ones wrongly using the purity certification. It is BIS will endows licence to jewelers and the BIS certified jewelers can get their hallmark from 250 examining centres across the country. You may know that through hallmarking a precious jewelry is accurately determined and it also allows the official recording of the proportionate content of precious metal in articles. This way the consumer remains protected against adulteration.

Through UIN one can access the entire history of the hallmarked jewelry article, including details of name of manufacturer, centre of hallmark and purity data. Also consumers must verify these details before making the purchase. Here’s expecting the decision will boost gold sales and also protect the customers. So happy and trouble-free shopping!

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