Big relief for jewellers as gold hallmarking deadline extended by 3 months

Giving a big relied to jewellers the government has decided to extend the deadline for gold hallmarking by three months. The new deadline is November 30, 2021. Earlier the deadline was August 31, 2021.

The official notification for the same is expected to be released soon. Also, as per the information, Hallmarking Unique ID (HUID) rules will be limited to hallmarking centres only, and also jewellers and consumers will not be traced via HUID.

This is most likely a response to the nationwide strike of 350 odd jewellers’ associations who protested against the regulation saying it is a complicated, time-consuming procedure that will ultimately restraint the business of small and medium scale jewellers. The HUID system too involved both jewellers and Assaying and Hallmarking Centres (AHCs), which is probably going to be changed and restricted to AHCs only.

Now 256 districts come under the mandatory hallmarking system and jewellers with annual turnover up to Rs. 40 lakh will be exempted from it. Along with the previous 18 carat and 22 carat, now 20 carat, 23 carat and 24 carat will be allowed for hallmarking. Old jewellery will also have to be hallmarked along with new pieces that will ensure the buyers about the gold’s purity.

Courtesy: Zeebiz/Good Returns