Hallmarking is ok, but government should also set the limit for the Making Changes which are as high as 17 to 23 percents (may be more in some cases) so for 916 jewellery purchase one gets 100 - 91.6 = 8.4 + 17/23 = 25.4/31.4% less gold then one pays for.
When asked the responsibles say that Hallmarking process costs too much.
Is that so?
It is worsened by the fact that when one exchanges, these 25/31% goes to waste.
Forget about 18C gold used for Diamond studded jewellery.
(Diamonds are another story)
Previously local vendors gave around 80% gold (being local they could not cheat on that) and to curtail this trend government introduced Hallmarking.
Now they're offering just 69/75% and that too legally.
When I see lined up private JETS of a big jewellery brand parked by the side of the runway of one particular airport I do not wonder how it is so, I just expect it to turn into a fleet of Airline of that brand soon.
Starting from March 31, 2023, the Bureau of Indian Standards (BIS) has made it mandatory for hallmarked gold jewellery and artefacts to have a 6-digit alphanumeric Hallmark Unique Identification Number (HUID) for sale.
This development stems from the BIS’ jewellery Hallmarking program, initiated back in 2000, with an initial focus on gold and silver.
Since June 2021, Mandatory Hallmarking has been extended to cover 288 districts across India.
What are your thoughts on the role of hallmarking in ensuring the authenticity of precious metal items? Let us know in the comments.
#Dhanteras #Diwali #Hallmark #Gold #jewellery #authentic #ConsumerAwarenes
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2moBest of luck from all of us at Neve Jewels Group - See you there 🙏🏽