Jewelery News

Gold selling rules changed: Now you will not be able to sell gold jewelry without it, know the new rules

Value of Your Old Gold Jewelry: The government has now banned the sale and purchase of gold jewelry without hallmarks in the country. Hallmarking has also been mandatory for selling or breaking old jewelry and getting new jewelry made or exchanged.

Old Gold Jewelry: If you have old jewelry at home and you are thinking of selling or breaking them to make new jewelry, then definitely read this news completely. This is because the government has made new rules for selling jewelry. You cannot sell old jewelery kept at home until you get it hallmarked.

The government has issued new rules for Gold Hallmarking, buying and selling gold. According to the rules, now the hallmarking of old gold jewelery kept in homes has also become mandatory. The new rules state that from April 1, 2023, all gold jewelery and artifacts must have a Hallmark Unique Identification (HUID) number. However, earlier it was believed that hallmarking would be applicable only to buying new jewelry or gold products.

According to a Moneycontrol report, the government has gone a step further and has now made hallmarking mandatory for selling old jewelry as well. According to the BIS, consumers who have un-hallmarked gold jewelery must compulsorily get it hallmarked before selling it or exchanging it for a new design.

How to get Hallmarking done?

Customers have 2 options to get their used hallmarked jewelery. They can get the old, unhallmarked hallmarked jewelery from a BIS registered jeweler. BIS registered jewelers will take the unhallmarked gold ornaments to the BIS Assaying and Hallmarking Center to get them hallmarked. Another option for customers is to get the jewelery tested and hallmarked at any of the BIS-accredited hallmarking centers.

How much money will have to be given?

For hallmarking if the number of ornaments is 5 or more, the consumer will have to pay Rs 45 for each piece of jewelery. 200 rupees will have to be paid for getting 4 hallmarked pieces. Hallmarking center recognized by BIS will check the jewelery and give its certificate. The consumer can take this report to any gold jeweler to sell his/her old unhallmarked gold jewelery.

Old hallmarks will work

If a customer is in possession of hallmarked gold jewelery with old/earlier hallmark marks, it will also be treated as hallmarked jewelery. Gold ornaments already hallmarked with the old marks are not required to be re-hallmarked with the HUID number. Such hallmarked jewelery can be easily sold or exchanged for new designs.

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