A lot of people prefer investing in gold and silver. It is an integral part of Indian culture. People buy jewellery and transfer it from one generation to another. It gives them a sense of cultural practice as well as financial security.
On the other hand, the incomparable value of these metals also opens doors for various foul businesses. In this respect, the Government of India made hallmarking gold and silver jewellery items mandatory in June 2021. Online gold buyers must also look for Hallmark on gold sale items online.
Let us know more about Hallmark and how one can identify it.
The Ministry of Consumer Affairs, Food, and Public Distribution made hallmarking gold and silver items compulsory. As per the data released by the ministry, only 30% of the gold sale in India is hallmark-registered. It includes gold purchased by online gold buyers. This percentage is relatively low, considering the safety and assurance hallmark certification provides. Therefore, the ministry made it mandatory to hallmark gold sales online and offline. The government approved additional gold carats of 20, 23, and 24.
Hallmark is a stamp on gold and silver items that define the purity of the piece. Purity means the minimum quantity of pure metal present in an article. The hallmark is put on the gold item so that offline and online gold buyers can ascertain its purity when they buy it.
When an owner wants to sell their item, this mark ensures the new buyer their purity and authenticity. Some swindler jewellers put their brand name in place of a hallmark certification. Such branding is of no value to the offline or online gold buyer when he wants to sell it off in the future. Therefore, a gold owner needs to understand how to identify the hallmark certification.
It is easy to identify hallmark certification on gold items.
|Marking on gold jewellery||Composition|
|‘10k’ means 10 Carat||41.6% gold and 58.4% alloy|
|‘585’ means 14 Carat||58.5% gold and 41.5% other metals|
|’24k’ means 24 Carat||100% pure gold with no mixed alloy|
The maker’s mark looks different from the hallmark and may resemble a signature or logo.
Gold is an expensive commodity, and it is obvious that it attracts fraud and cheating. You may end up paying the full price of a gold article for lesser purity if it is not hallmark-certified.
Hallmark verifies the authenticity of the gold article and ensures its purity level. Jewellers who sell hallmark-certified gold have to register with the BIS. Thus, hallmarking is helping the gold market to become more organized in the country. At the same time, it makes customers conscious, confident, and aware when buying gold.
Hallmarking centers accredited by the Bureau of Indian Standards (BIS) provide hallmark certification to gold items. The essential components of hallmark certification are listed below.