If you are going to buy gold then this news is important for you. The central government has changed the rules for buying gold. Under the new rules, gold jewelry and artifacts without HUID will not be sold from next month.
People have now accepted the provision of hallmarking in gold jewellery. However, not only the customers, jewelers are also perplexed by the change in hallmarking rules. Now the central government has once again changed the rules. The new change is that from next April 1, gold jewelery and artefacts without ‘Hallmark Unique Identification Digit’ (HUID) will not be sold. Also, from that date onwards, only jewelery bearing the six-digit hallmark sign will be sold. Jewelers are also facing problems due to this order of the government. Let’s understand it.
What is HUID mark
Vimal Goyal, President of Delhi Bullion and Jewelers Welfare Association, says that HUID can be called the Aadhaar card of jewelry. Just as each person has a different Aadhaar number, similarly each piece of jewelry has a different HUID number. If you enter this number on the BIS app or website, then the complete horoscope of that jewelry will open. Means what is that jewelry, how much it weighs, how many carat gold it is made of, when it was made and who made it. This will make it easier for the customers and bring transparency in the business.
Four and five digit stocks should not be invalid
The government had told two years ago that from April 1, 2023, only six-digit hallmark sign and HUID-equipped jewelry would be sold. But jewelers have termed this period as insufficient. Jewelers say that invalidating the stock of 4 and 5 digit jewelry according to the old system is not justified, it should be withdrawn with immediate effect.
Yogesh Singhal, chairman of The Bullion and Jewelers Association, located in Kucha Mahajani, Chandni Chowk, said that the hallmark used to be in the first 5 digits, followed by 4 digits. 2 years ago it was changed to 6 digit and now the validity of 4, 5 digit jewelery has been extended till 31st March 2023.
After this, if a jeweler has 4 or 5 digit jewellery, he will have to convert it into 6 digit. For this, a fee of Rs 53.10 will be charged on one piece, in which Hallmark Center will get Rs 40.50 as royalty, BIS Rs 4.50 as royalty and government Rs 8. 10 rupees GST will be earned. The association strongly opposes this.
Fraud cases will be controlled by the new rule
Yogesh Singhal told that HUID number is used to identify the purity of jewellery. It is a 6 digit alphanumeric code, through which customers get all the information about gold jewellery. This facility was not there in 4, 5 digit hallmarks. In case of guarantee failure, the purity testing center can be identified through the code. His accountability can be fixed, due to which it will help in preventing cases of fraud.
This unique number is printed on each piece of jewellery, which can be verified by the customer himself by entering the code on the BIS mobile app. This will increase the trust between the customers and the jewelers more than ever before. On the complaint of the customers, 4 digit hallmarked jewelery was found during checking by BIS at several jewelers, whose bill was not with them. Perhaps that’s why the government has banned the sale of 4, 5 digit hallmarked jewelery from April 1, 2023.
Gold guarantee intact
Traders say that the guarantee of the old hallmark jewelery kept with the customers will remain intact. The government has worked towards making the system of hallmarking online to increase transparency.
A total of 1,338 hallmarking centers across the country
To ensure the purity of gold, the government has opened hallmarking centers across the country. However, these centers currently cover 85 per cent. Areas where there are no centers at present are also being opened there. At present, a total of 1,338 hallmarking centers are running across the country.
If there is a logo of the firm, then there will be branding of the jeweler.
Tarun Gupta, President of Dariba Jewelers Association, says that this provision will not have a special impact on the work. However, customer confidence will definitely increase. Now two years have passed. There seems to be a problem with this. Alphanumeric HUID can be found on the internet to see who the part belongs to?
It does not have the logo of the firm on the jewellery. How will the branding of the shopkeeper be done by this? If the customer returns after 5-7 years, how will he know where the goods are? If you put the logo of the shop in it, then the branding of the jeweler will be done. Customer’s trust will increase.
The first 5 digit mark used to have the logo of the shopkeeper. Now this topic is stuck. Shopkeepers can put up a voluntary logo, which should be made mandatory. Now the price of gold has increased. In such times, one after the other ban is being imposed on jewelers. If given a little more time, the younger jeweler would get a chance. The government should get 6 months more time.
