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What is Gold Hallmarking and Why Is It Important?
Festivities around the corner call for a shopping spree. Indians have always been in love with gold and its fondness blossoms during the festive season. Be it in the form of gold jewellery, gold coins, or investment, it is such an essential part of the culture that there are special occasions meant to buy gold in the nation. India is the second-largest gold consumer in the world and there are about 4,50,000 goldsmiths and 1,00,000 certified gold jewellers. How to make sure that the gold you are buying from your hard-earned money is pure? How does one access its credibility?
To ensure that the buyers are not duped while buying gold and make sure that they get the right purity as promised on any piece of gold article, a marking system was introduced by the Government of India in 2000. The marking system is known as BIS Hallmark that ensures the purity of the gold by testing and certifying the gold jewellery or items for the buyers. Gold hallmarking has been mandated by the government from June 16, 2021, which means that no jeweller will be allowed to sell any gold without hallmarking.
What is BIS Hallmarking?
The Bureau of Indian Standard hallmarking is the system that helps to determine the guarantee of fineness of gold and silver jewellery sold across the country. In other words, if there is a gold coin hallmark, then the consumer knows that it is authentic gold and not something that looks like gold. Gold as a metal is fragile and is very sensitive to break. During manufacturing, the makers add metals such as zinc, silver, etc., to ensure strength and durability. Based on other metals used in the making of gold jewellery, the BIS hallmark has categorized gold into various purity levels such as 18 karats, 22 karats, 24 karats.
Testing precious metals for purity is called ‘assaying’ and hence, the place where hallmarking is done is called ‘Assay offices’. To help jewellery manufacturers comply with hallmarking norms, the government has authorized several assay offices to carry out gold purity tests and issue certificates of purity. According to BIS, gold hallmarking is done to protect the consumers against contamination and also safeguard them for making future gold investments.
What are the signs of BIS Hallmark?
All hallmark gold jewellery items are stamped with four components to ensure the purity of the gold. The hallmark symbol on the gold coin which you might notice is a symbol of purity according to the BIS standards. These marks are:
- BIS Standard Logo
It is a triangular-shaped stamp mark that indicates that the purity of that gold item is verified and is mentioned in one of the certified labs of BIS. This mark is very common on every gold jewellery hallmarking.
- Purity Mark
This stamp indicates the purity in two forms; carat and Fineness number. In carat, the hallmarking is done for 24K, 22K, and 18K gold. 24K means that the gold used in manufacturing is completely pure. Fineness in another way is the purity of gold in an article. It is the percentage of pure gold in the total gold alloy.
- Assaying and Hallmarking Center’s Mark
The third stamp on any hallmarked piece is the logo of the authorized hallmarking centre where the gold is checked for its purity. Only licensed laboratories are allowed to check the purity and put its mark. The marking is done so that the gold piece can be traced back to the centre in case of any future discrepancies.
- Jeweller’s Identification Mark
Each BIS-certified jeweller has a unique logo that they can emboss on the gold piece of jewellery. The official website of BIS has a list of jewellers that are certified by them.
At Muthoot Gold Bullion Corporation, part of The Muthoot Group, we care for our customers’ assets, which is why we undertake a stringent assessment process to make them aware of the purity and hallmarking of gold while processing gold loans.
Why is it important to buy Hallmark Gold?
Gold is an expensive metal and just by looking at the piece of jewellery, one cannot define whether it is made of pure gold or mixed metals. And without the confirmation of the purity, a buyer can end up paying more than the actual worth of the gold. Once you have spotted all the four signs of purity on the gold piece you are purchasing, you can be sure of the purity and fineness of the particular item. Also, selling and recycling gold items is much more convenient. As you are self-assured of the purity, you need not take it to the assaying centre for testing. You can just ask for the right price according to the prevailing gold rate before making your purchase.
Let this festive season glitter in prosperity with hallmarked gold coins and ingots from Muthoot Gold Bullion Corporation. Visit Muthoot Gold Bullion Corporation's website to know about the latest gold coin schemes and offers available.
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