EXCLUSIVE: Big relief for jewellers! Gold Hallmarking deadline EXTENDED by 3 months – TOP 10 things to know about HUID rules

Giving a big relied to jewellers the government has decided to extend the deadline for

Giving a big relied to jewellers the government has decided to extend the deadline for gold hallmarking by three months. The new deadline is November 30, 2021. Earlier the deadline was August 31, 2021.

The official notification for the same is expected to be released soon. Also, as per the information, Hallmarking Unique ID (HUID) rules will be limited to hallmarking centres only, and also jewellers and consumers will not be traced via HUID.

 

See Zee Business Live TV Streaming Below:

Currently, mandatory hallmarking is there in 256 districts. It can be noted that mandatory hallmarking of gold jewellery came into effect on June 16, 2021.

Recently, a nationwide strike was called by 350-odd jewellers’ associations to protest the central government’s new gold hallmarking rules. The 350-odd jewellery bodies are against the government’s HUID system which they said has nothing to do with the purity of gold but is just a tracking mechanism.

 

Gold Hallmarking Rules, 2021

1. Jewellers with annual turnover upto Rs 40 lakh will be exempted from mandatory hallmarking.  

2. Export and re-import of jewellery as per Trade Policy of Government of India.

3. Jewellery for international exhibitions, jewellery for government approved B2B domestic exhibitions will be exempted from mandatory hallmarking.  

4. Gold of additional carats 20, 23 and 24 will also be allowed for hallmarking.  

5. Watches, fountain pens and special types of jewellery viz. Kundan, Polki and Jadau will be exempted from hallmarking.

6. Jewellers can continue to buy back old gold jewellery without hallmark from consumer.

7. Old jewellery can be got hallmarked as it is, if feasible by the jeweller or after melting and making new jewellery.

8. A committee constituting of representatives of all stake holders, revenue officials and legal experts will be formed to look into the issues that may possibly emerge during the implementation of the scheme.

9. The registration of jewellers will be one-time and no fees will be charged from jewellers for registration. Any manufacturer, importer, wholesaler, distributor or retailer engaged in selling precious metal articles has to mandatorily get registered with BIS. However, artisans or manufacturers who are manufacturing the gold jewellery on job work basis for the jewellers and are not directly related to sale to anyone in the chain are exempted for registration.

10. Hallmark will be done at the first point of sale which may be manufacturer, whole-seller, distributor or retailer. It must also be noted that alteration in the Hallmarked jewellery up to 2 grams of increase or decrease to be allowed with responsibility of purity on the jeweller.