Team Adda247 and BankersAdda are here with a Current Affairs Special Series. In this series, candidates will be introduced to current affairs topics daily, which will not only improve their general awareness but also will ensure that the candidates do not lack in any current affairs topic. Today’s Current Affairs topic is Hallmarking of Gold Jewellery to begin.
Hallmarking of Gold Jewellery to begin
Hallmarking of Gold Jewellery is going to begin from 15th June this year. Amid the Covid-19 Pandemic, Government has accepted the request of stakeholders to give jewelers some more time to make ready for implementation and resolve issues. Earlier it was expected to be implemented from 1st June of this year.
To ensure proper coordination and resolve the implementation issues Government had formed a committee. Union Minister Piyush Goyal evaluated the progress made in the implementations of mandatory Hallmarking of Gold Jewellery in India at webinars and conferences organized by the Bureau of Indian Standards. Piyush Goyal said on the occasion that, India must have the world’s best standards in Gold Jewellery. He also said Customers who purchase Gold Jewellery must get Hallmark-certified Gold at the earliest across the country without any further delay.
Under Hallmarking scheme of (BIS) Bureau of Indian Standards, BIS Jewellers are registered for selling hallmarked jewelry and recognizing testing and Hallmarking centers. BIS (Hallmarking) Regulations were implemented with effect from 14th June 2018. Hallmarking will assist Consumers and Jewellery buyers to make the right choice and protect them from any unnecessary confusion while buying gold.
At present, only 30 percent of Indian Gold Jewellery is hallmarked others are yet undone. At present Gold prices at Rs.48, 015 per 10 grams at Delhi’s bullion market. India has the 2nd biggest market for gold and its jewelry in the world.
About BIS Hallmarking:
The BIS Hallmarking scheme has been aligned with International criteria on hallmarking. The processor system of Hallmarking is the accurate determination and official recording of the proportionate content of precious metal in precious metal articles.