The proposal approved for making hallmarking compulsory for selling jewelry
- Consumer Affairs Minister Ram Vilas Paswan said on Friday that the Commerce Ministry has approved a proposal to make BIS hallmarking mandatory for gold jewelry.
- Jewelry will stop selling without hallmark soon.
- It can now be implemented only after informing the World Trade Organization (WTO).
- As per the WTO rules, in this case, he has to be informed first. This process can take about two months.
- Significantly, gold hallmarking is proof of purity and is currently implemented on a voluntary basis. It will be made compulsory next.
- The Bureau of Indian Standards (BIS) under the Ministry of Consumer Affairs has administrative authority for hallmarking. It has set standards for hallmarking for three grades – 14 carats, 18 carats and 22-carat gold.
- Currently, there are around 800 hallmarking centers across the country and only 40 percent of jewelry is hallmarked.
- India is the largest importer of gold, mainly catering to the demand of the jewelry industry. India imports 700–800 tonnes of gold per year.