Buying Gold Today, read this disclaimer from the Govt first

Source :Sify
Author :Finance Desk
Last Updated: Thu, Nov 4th, 2021, 02:55:05hrs
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Gold and jewellery buyers thronging showrooms should ideally read a disclaimer announced by the government of India prior to their Diwali Gold-shopping exercise.

The department of consumer affairs of the Government of India released an advisory asking prospective customers to invest in only pure Gold. The easiest way to ascertain purity is by searching for a BIS hallmark logo.

According to the department's official communication, "Hallmarked jewellery can be sold only by BIS registered jewellers. The details of BIS registered jeweller in your district can be obtained from BIS site..."

"In case the hallmark is not clearly visible by the naked eye, ask for a magnifying glass from the jeweller," it added.

The above disclaimer is in line with the department's mandatory hallmarking policy which commenced from July 1, 2021. Hallmarked gold jewellery according to this policy shall comprise of a mark on the oject with three marks (previously four marks).

The new rules have been enforced upon 14, 18 and 22 Karat jewellery and are valid in 256 districts of India.

The rules have been more stricter for jewellers. Penalties for selling or promoting non-BIS hallmarked gold jewellery can range from paying five times the cost of the object as penalty to even one year of jail term.

Manufacturer, Importer, Wholesaler and distributors have been asked to mandatorily register once with the BIS. BIS registration does not include any fees and more information is available on the BIS website. 

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