Gold hallmarking is a purity certificate of the precious metal. From June 15, 2021, jewellers will be able to sell only 14, 18 and 22 carats of gold jewellery and other artefacts.
What is the new law for gold in India?
Gold hallmarking is now mandatory for all 22-carat and 24-carat gold items. Gold of Additional carats such as 20, 23 and 24 will be allowed for Hallmarking. Gold watches, fountain pens and special types of jewellery like Kundan, Polki and Jadau will be exempted.
What is the new gold rules?
From 16 June, jewellers have been allowed to sell only hallmarked gold jewellery and artefacts. The government has planned a phase-wise implementation of mandatory hallmarking under the Hallmarking of Gold Jewellery and Gold Artefacts Order, 2020.
Can I sell gold without hallmark?
Old jewellery bought by the consumers without any hallmarking previously, can be sold to the jeweller without any hallmark. Further, they have an option to get it hallmarked as it is or after melting and making new jewellery.
What if my gold is not hallmarked?
“Jewellers can continue to buy back old gold jewellery without hallmark from the consumer. In order to give adequate time to the manufacturers, wholesalers and retailers of gold jewellery, there would be no penalties till August end.
How much gold can you buy cash?
The notification issued under PML Act, 2002 on December 28 stated that only persons or entities buying gold, silver, jewellery or precious stones ‘in cash transactions’ worth Rs 10 lakh or above need to fill know your customer or KYC documents.
Is gold hallmark mandatory?
The government has made it mandatory for jewellers to hallmark gold jewellery, but with some relaxations. … Watches, fountain pens, and special types of jewellery such as Kundan, Polki, and Jadau have also been given relaxation under the new regulation. It will also allow hallmarking of additional carats 20, 23, and 24.
Is 22k gold Same as 916?
916 gold is nothing but 22 carat gold. 916 is basically used to denote the purity of gold in the final product, i.e. 91.6 grams of pure gold in 100 gram alloy. The figure 916 is basically 22/24 (22 carat by 24 carat).
What is gold scheme by Modi?
The scheme was launched by the Modi government in 2015. The objective is to reduce the demand for physical gold. A sovereign gold bond is denominated in grams of gold. Any Indian citizen can buy it in multiples of 1 gram, meaning the minimum investment is 1 gram.
How much gold can a person have in India?
A married woman can have up to 500g of gold. An unmarried woman can have up to 250g of gold. A man can have up to 100g of gold. Even a higher quantity of gold may be left unseized based on the assessing officer’s discretion.
How many types of Hallmark are there in gold?
For those who wish to have purity certification, hallmarked gold is available in purities of 958 (23 carat), 916 (22 carat), 875 (21 carat) and 750 (18 carat). Be extra careful when buying gold from a local shop as they might not be checked by proper authorities.
Is KDM banned in India?
This cadmium-soldered gold jewellery was known as KDM gold or jewellery. However, the Bureau of Indian Standards has banned these gold from circulation as it is proven to be hazardous to health of artisans working with it.
How can we check purity of gold at home?
Simply drop a few drops of vinegar onto your gold piece. It’s not true gold if the drops change the colour of the metal. The drops will not change the colour of your item if it is real gold!
Why is Indian gold so yellow?
The primary reason why most of the yellow that is worn by people across India is the 24k version of pure gold. … The catch is that 100% pure gold or 24K gold is very soft, malleable, and it bends or scratches easily, which means that the gold doesn’t make great jewelry. Investment tool.