Buying gold on Diwali: What is the distinguishing feature of gold? Know why it matters and get paid to make it happen

Buying gold on Dhanteras: Buying gold during the festival of Diwali has great emotional and religious significance in India. Gold is widely used in the making of jewelry pieces and as a valuable asset. However, there is a common problem, especially in rural areas where awareness levels are lower, that many sellers sell gold products that contain impurities. In a bid to boost consumer confidence, the Bureau of Indian Standards (BIS) has introduced the practice of hallmarking gold products.

Mandatory hallmarking of gold jewelery and artefacts, made mandatory with the introduction of Hallmarking Unique ID (HUID) in June 2021, guarantees the authenticity of gold available in the market. Hallmarking serves to verify the authenticity and purity of gold products. To avoid being misled, it is recommended to buy only marked gold items such as jewelry, coins and bars from the market.

The Center has made it mandatory for all gold jewelry and antiques sold in the market to be stamped with a six-digit sign as of July 1, 2023. The objectives of this decisive initiative are to protect consumers from fraudulent practices related to the purity of gold and silver, position India as a major hub in the global gold market and increase export competitiveness. The marking will be valid for the entire life of the jewelery after hallmarking.

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When you want to buy gold jewelery in India, it is important to make sure that it is marked by the National Standards Organization of India under the BIS Act. There are four key components to check before making a purchase:

BIS stamp: This indicates that the purity of the piece has been verified in a licensed laboratory operated by the Bureau of Indian Standards.

Purity in carat and fineness: To determine the level of purity in jewelry, look for markings such as 22K916 (91.6% purity), 18K750 (75% purity), or 14K585 (58.5% purity).

Mark of the testing and marking center: Each part must bear the mark of the testing and marking center for which it was certified.

Jeweler’s unique identification mark: Be sure to check for the jeweler’s unique identification mark on the piece.

These components serve as key indicators of the quality and authenticity of gold jewelery in India, ensuring a safe and reliable purchase.

Marking fees

Gold item hallmarking charges: Rs. 45/- per article
Silverware hallmarking charges: Rs. 35/- per article

Minimum charges for one shipment:
Gold items: Rs. 200/- (Service Tax and other charges additional)
Silverware: Rs. 150.00 (Service Tax and other fees are additional)

Definitions:
Shipment: A collection of items/artifacts of uniform fineness for which a sample is taken and tested.
Lot: set of items of the same fineness, type/design.

Please note that custom fees do not include construction costs and waste costs. Fees are per item regardless of weight.

How to mark?

Quality Guarantee: Hallmarked gold or silver is stamped with a small mark indicating the exact purity of the metal. For example, a mark that reads “22K” indicates that 22 of the 24 parts of the metal are gold.

Preventing Fraud: Previously, consumers had to take the jeweler’s word for the purity of the gold or silver. This can lead to dishonest practices. Marking solves this problem by clearly displaying the purity level on the product.

Phased Implementation: The Bureau of Indian Standards (BIS) is implementing watermarking across the country in phases to ensure adequate testing facilities are available for accurate assessment. The ultimate goal is to make watermarking mandatory in all 766 districts of India.

Unique Identification: The distinguishing feature of each piece of gold or silver jewelry includes an individual six-character alphanumeric code that acts as a unique identifier. This code acts as the item’s fingerprint, helping to monitor and improve security measures.