- Gold Loan
- Gold Coin
- Money Transfer
- Mutual Funds
Answering Your Top Queries on Gold Hallmarking
Gold has been an integral part of Indian culture for centuries where people have purchased and gifted gold on important occasions. Be it wedding season or Dhanteras, Indians always believe in bringing a gold coin home for prosperity and good luck. However, when it comes to the purity and quality of gold, we used to rely on the goldsmith’s words. This means that gold sellers could easily trick people into buying inferior quality gold at higher prices. This led to several frauds as there was no standard benchmarking system for the same. However, the scenario has changed in recent years. Gone are the days when we had to trust the seller’s words at the time of purchase. Now, gold hallmarking allows you to know the purity of gold at the time of purchase. Let’s discuss the most frequently asked questions about gold hallmarking:
What is gold hallmarking?
Gold can be purchased in a variety of ways, including jewellery, gold investments, and gold coins. However, it was very difficult before to assure the gold's quality and purity as there was no benchmark that needed to be followed by the gold sellers. Now, with the introduction of gold hallmarking, sellers can no longer mislead customers and sell inferior quality gold.
This much-needed transparency in the sale and purchase of gold is brought by gold hallmarking. It is the process by which the exact proportion of gold content in a piece of gold jewellery or item is measured. Furthermore, there is a standard procedure followed for gold hallmarking in India. This is the direct measure of the fineness and quality of the gold that you are purchasing. This marking system was introduced by the Indian government, which is called the BIS hallmark. This hallmarking system by the Bureau of Indian Standards is used for testing and certifying gold items. So, if you want to know the quality and purity of the item, look for the hallmark symbol on the gold coin or jewellery.
What is a BIS-certified gold coin?
BIS hallmark gold coins are stamped with their level of purity to ensure their authenticity. The practice of amalgamating other metals with gold, such as zinc, silver, copper, etc., is very common to stabilise this yellow metal. This is done at the time of manufacturing, but goldsmiths go overboard with it. That is where the BIS hallmark on a gold coin helps - gives you proper clarity about its purity. It is categorised as 18 carats, 22 carats, and 24 carats. 24 carat hallmark gold is considered the best quality with minimum impurity.
Where is gold hallmarking done?
Gold hallmarking is done at BIS-approved assaying and hallmarking centres. When gold or silver is tested to check the purity and quality of these precious metals, it is called assaying. The government authorises assay centres where this test is performed to establish the gold purity. Gold jewellery and coins are certified at these centres only. You can find the names of assay centres on the BIS website.
What are the components of BIS-certified gold?
There are three main components of BIS-certified gold: -
You can find the BIS logo on certified gold items that signifies their purity. This means that the item has been taken to the assaying centre where it has been tested for its purity. The records of the gold items are mentioned in the respective hallmarking centre. You can find the BIS logo on all hallmarked jewellery which is a triangular-shaped stamp mark.
Carat and fineness are the two parameters for checking gold purity. 24 carat, 22 carat and 18 carat hallmarked gold signifies their respective purities. Fineness means the amount of gold used in making the gold article. This gives you the exact percentage of gold present in the total composition of the gold alloy.
This is a unique identification code which is a combination of letters and numbers. A six-digit alphanumeric code is given to each gold article when the hallmarking is done. Along with that, a HUID code is used to check whether the gold item is authentic or not.
What should we look at in the gold jewellery shop?
If you are visiting a gold jewellery shop to buy a gold item, you should look for the BIS logo that will be displayed by the registered gold seller. A certificate of registration issued by BIS is also displayed in renowned shops. Other than this, you should check the hallmark symbol on the gold jewellery or item that you want to purchase. This ensures that you are paying the right price according to the purity mentioned on the hallmark gold.
Is it important to get the invoice for the gold item from the jeweller?
Yes, you should always get the invoice for the gold item that you have purchased. It is the sole proof of your purchase that shall be used in case of complaint/ dispute redressal. Furthermore, this bill is used at the time of re-sale to know the weight, purity and other details of the item.
At Muthoot Finance, we provide BIS hallmarked gold coins to our customers. We make sure that Muthoot Finance customers get the best quality gold at the best prices. Customers can discover the gold coin prices on our website and can buy them online. We provide several benefits such as buy on instalment, variety of denominations, 999 purity of coins and minimum risk of investment. Other than this, Muthoot Finance caters to corporate customers as well. Browse our ‘corporate gifting’ selections to buy hallmark gold.