Gold jewellery is used by consumers to raise cash in emergencies by mortgaging with banks and other financial institutions. The lockdown due to COVID-19 deprived many people of their livelihood resulting in financial crisis. Against this backdrop, the importance of gold as a means to raise cash increases and people start approaching banks and other institutions for mortgage.
The quality of gold plays a vital role for consumers to get back value for their money. It’s not easy for an average customer to check the parameters that help in identification of quality. It is here that hallmark acts as a safeguard against consumers picking the wrong choice.
Hallmarking on jewellery will be made mandatory from January 15, 2021. The Bureau of Indian Standards (BIS) has been organising awareness programmes for consumer organisations and people on the importance of hallmarking to prevent consumers from being cheated by unscrupulous traders.
“We have enlightened consumers not only on the importance of buying BIS hallmarked jewellery but also to get their old jewellery tested at the nearest Hallmark Centre before sale or mortgage. The Assaying and Hallmark Centres, licensed by BIS, test the quality of the old gold in their labs and issue Hallmark certificates, based on the quality of the old gold. This increases the value of old gold and safeguards the customers from being cheated by gold traders,” B. Sandhya, Scientist-E and Head, BIS, Visakhapatnam, told The Hindu.
Though hallmarking of gold is in practice in some countries for over a century, BIS hallmarking scheme was launched in India, on a voluntary basis, under the BIS Act, 1986. The hallmark indicates that the gold articles have been evaluated at an Assaying and Hallmarking Centre and certifies that that metal conforms to national/international standards of purity.
It consists of the BIS logo, indicating that the purity of the gold ornament, was verified in the licensed labs, the purity in karat and fineness, the Assaying centre’s mark/numbere and the jewellers ID number.
Ms. Sandhya said that awareness was created among petty gold traders also on the need to adopt scientific testing practices and give up the old practices like rubbing the old gold on a stone to test its quality. Gold jewellery would be primarily made with 14 ct, 18 ct and 22 ct gold, she added.
