Gold is not just an asset in India it holds significance in our culture. Being the symbol of the Goddess Lakshmi and considered to be auspicious.
It is part of several cultural and social events of Indian society. Not just bought on special occasions or passed down from several generations, but it also holds the great economical point. Being one of the most trusted investment all over the world even the RBI of India holds 695 tonnes of gold within it as a reserve.
The government of India had mandatory hallmarking for gold in 256 districts and plan to implement it all over India in the future.
What is a Hallmark?
It is series of marks made on the metal to clarify the content of the noble metals like gold, silver, etc.
In other words,s it lends credibility to the purity of gold. The Bureau of Indian Standard (BIS), in India, is the accreditation agency that certifies and Hallmark gold jewelry and other precious metals.
Other key terms related to gold-
Carat- It indicates the percentage of purity of the metal. Eg 24 carat means gold contains 100 pct gold. But to lend it some strength metal is mixed. Hence gold is about 18 -22 K only.
Stamp of BIS and year of the mark-
It is a triangle mark assure of purity with the year of hallmarking of jewelry.
Jewelry Identification mark-
BSI mark also carries jewellery stamps to Indicate that jewelry is certified. Its certification is cheap at Rs 2 per gram of gold.
Currently, this regulation is only imposed on jewelers having a turnover of above 40 Lakh only.
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