Gold has a deep-rooted cultural and economic significance in India. The precious metal is seen by many as a symbol of purity, prosperity, and good fortune.
It is a part of various religious and cultural ceremonies, such as weddings and festivals, and is often gifted on these occasions. Gold jewellery is an essential part of Indian fashion and is worn on various occasions.
Gold is even considered a safe investment and a way of storing wealth in India. Hence, it becomes crucial to check on things while buying gold from the retail market.
The Bureau of Indian Standards (BIS) has listed a few steps for customers to note while they are planning to buy gold jewellery.
BIS is the National Standard Body of India, responsible for standardisation, marking and quality certification of various goods.
1) Check testing of Hallmarked/Unhallmarked articles by Consumer:
Consumers can get its jewellery/sample tested from any of the BIS Recognized Assaying & Hallmarking Centre. The Assaying and Hallmarking Centres undertake the testing of jewellery/samples of common consumers on priority on chargeable basis.
The Assaying and Hallmarking centre is required to issue Assay Report giving proper identifications as marked on article.The guidelines on testing of old gold jewellery and artefacts of the consumer by the centres is given on the official website of BIS.
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2) Compensation to consumer in case of shortage of purity:
In case hallmarked jewellery brought by the consumer is found to be of lesser purity than that marked on jewellery, then the buyer/customer shall be entitled for compensation which shall be two times the amount of difference calculated on the basis of shortage of purity for the weight of such article sold and the testing charges.
3) Verification of HUID by BIS Care App:
BIS CARE- The Official mobile application of BIS now has the provision for the common consumers to verify the authenticity of hallmarked gold jewellery items bearing a HUID number. The ‘Verify HUID’ feature can be utilised to verify the purity of the jewellery articles before purchase.
Also, the India Bullion and Jewellers Association has a detailed advisory for consumers for purchase of gold jewellery.
- Preferably buy only hallmarked jewellery
- Preferably buy only from a BIS certified/approved jewellery shop: The list of BIS. Registered jewellers is available on BIS website and can be accessed by following the link https://www[dot]bis[dot]gov[dot]in/.
- Always ask for a bill for purchase of gold jewellery
- Consumers can even give a missed call on 8955664433 to know IBJA’s indicative rate of Gold Jewellery
- Verify hallmarking marks on the jewellery with magnifying glasses. Jewellers should have magnifying glass of minimum 10X magnification to show hallmark to customer in the hallmarked jewellery.
- Hallmarked jewellery is only available in 14KT (585 Purity). 18KT (750 Purity) and 22KT (916 Purity)
- Each hallmarked jewellery has four marks –1)BIS Mark2)Purity in Karat and fineness3)Assaying & Hallmarking centre Identification Number/Mark4)Jewellers Identification Number
- Check exchange policy, buyback policy before buying jewellery
Hallmarking is the accurate determination and official recording of the proportionate content of precious metal in precious metal articles. Hallmarks are thus official marks used in India as a guarantee of purity or fineness of precious metal articles.
In India, at present two precious metals namely gold and silver have been brought under the purview of hallmarking.
BIS has stated that on the outside of the sales outlet, the registered jeweller should display the logo of BIS with the wording “Hallmarked jewellery available for sale”.
Certificate of registration issued by BIS should be displayed by the jeweller in a jewellery shop. Relation of fineness with caratage will also have to be displayed by the jeweller.
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