Gold Bullion Market: Govt to make hallmarking of gold bullion mandatory from next year

Gold Bullion Market : From January 2025 next year, the government is going to make hallmarking mandatory on all gold bullion. This rule will apply to all types of gold bullion, even imported gold.

That is, the rule of hallmarking will apply to jewelers and bullion market along with customers. Gold imported into India will also be hallmarked. The government is going to implement this entire process in a phased manner.

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The government has made a plan

According to an official of the Bureau of Indian Standards (BIS), a consensus has been reached between all the concerned parties on this subject. He said that every gold coming into the country should come under standard rules. The sub-committee formed on this has submitted its report, and we are confident of implementing it.

What is mandatory hallmarking?

Under the hallmarking rule, the gold bullion used to make jewelry will be used to determine its purity. Hallmarking will make it possible to identify the purity of jewelry and artifacts sold in the market.

Rules will not apply to them

According to sources, the bullion that the jewelers themselves use to make jewelry and artifacts will be exempt from this requirement. Apart from this, all the assaying and hallmarking centers will be valid for checking the purity of bullion. This step will guarantee high quality and purity of gold to the customers, which will increase trust in the gold business.

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