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 made 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 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 artefacts must have a Hallmark Unique Identification (HUID) number. However, earlier it was believed that hallmarking would be applicable only on 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 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 jewelery hallmarked. They can get the old, unhallmarked jewelery hallmarked from a BIS registered jeweller. BIS registered jeweler will take the unhallmarked gold ornaments to BIS Assaying and Hallmarking Center for getting them hallmarked. Another option for the customers is to get the jewelery tested and hallmarked at any of the BIS-accredited hallmarking centres.
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 jewellery. 200 rupees will have to be paid for getting 4 pieces hallmarked. 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 jewellery.
Old hallmark will work
If a customer is in possession of hallmarked gold jewelery with old/earlier hallmark marks, it will also be treated as hallmarked jewellery. 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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