Mandatory hallmarking of gold bullion will not come into effect from July 1; consultations on

Discussions with stakeholders are going on to finalize the guidelines for hallmarking gold bullion

May 7, 2023

From July 1, gold bullion hallmarking is not going to be mandatory as the Center is only starting consultations

Consumer Affairs Ministry sources said there is a lot of confusion over the fact that compulsory hallmarking will come into effect from July 1 onwards on gold bullion, which is not the case.

The compulsory hallmarking of gold bullion is not going to become mandatory from July 1 as the Centre has only begun consultations with stakeholders.

“Mandatory hallmarking is not going to come into effect from July 1 onwards for gold bullion. The process to make it compulsory has only just begun,” highly placed sources said.

A sub-committee has been formed to initiate the process, and discussions with all the stakeholders are going on, the sources added further.

Bureau of Indian Standards (BIS) chief Pramod Kumar Tiwari had said in March this year that the government plans to make hallmarking of gold bullion mandatory and is ready with the draft guidelines.

Sources further informed that discussions with stakeholders are going on to finalize the guidelines.

India is the world’s largest consumer and importer of gold. The country imports about 700-800 tonnes of gold annually.

Gold bullion is used as a raw material for manufacturing of jewellery and its purity is paramount, considering the large volume of jewelry. Hallmarked gold bullion will help in ensuring the desired purity of gold jewellery being manufactured in the country.

[With Inputs from IANS]

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