Gold Buying Changes From 15 Jan: This Is How

Through the issuance of formal notification, the government will make hallmarking of gold jewellery as well as artefacts compulsory beginning today. Nonetheless traders in gold will be given a year's time to clear their old inventory and at the same time register themselves with the Bureau of Indian Standards (BIS).

Hallmarking confirms the purity of gold and the government has been encouraging it due to reports of impure gold being sold in the market. But until now, the procedure was being followed on a voluntary basis.

So, after the new norms are implemented no jeweler will be able to sell gold jewellery that is not hallmarked from January 15, 2021. And this jewellery will be available in 14, 18 and 22K told Ram Vilas Paswan.

Further those who violate the norms "They will have to pay a minimum fine of ?1 lakh or five times the price of the article. Therecould be one-year imprisonment also," Paswan said.

But for the customers who intend to sell off their gold for some or the other reasons, hallmarking rules do not apply to them i.e. they can continue selling such articles to jewellers even in a case if they are not hallmarked.

But jewellers can't resell the jewellery without getting it hallmarked," Paswan said. Further those consumers who want to get their jewellery stamped for the purification can also avail hallmarking feature.

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