From UPSC perspective, the following things are important :
Prelims level : Hallmark
Mains level : Not Much
Hallmarking of Gold Jewellery is set to begin from 15th June 2021.
What is Hallmark Gold?
- The process of certifying the purity and fineness of gold is called hallmarking.
- Bureau of Indian Standards, the National Standards Body of India, is responsible for hallmarking gold as well as silver jewellery under the BIS Act.
- If you see the BIS hallmark on the gold jewellery/gold coin, it means it conforms to a set of standards laid by the BIS. Hallmarking gives consumers assurance regarding the purity of the gold they bought.
- That is, if you are buying hallmarked 18K gold jewellery, it will actually mean that 18/24 parts are gold and the rest is alloy.
- At present, only 30% of Indian Gold Jewellery is hallmarked.
Here are the four components one must look at the time of buying gold (they are mentioned in the laser engraving of a hallmark seal):
- BIS Hallmark: Indicates that its purity is verified in one of its licensed laboratories
- Purity in carat and fineness (corresponding to given caratage KT)
- 22K916 (91.6% Purity)
- 18K750 (75% Purity)
- 14K585 (58.5% Purity)
- Assaying & Hallmarking Centre’s mark
- Jeweler’s unique identification mark
Answer this PYQ from CSP 2017 in the comment box
Q.Consider the following statements:
- 1. The Standard Mark of the Bureau of Indian Standards (BIS) is mandatory for automotive tyres and tubes.
2. AGMARK is a quality Certification Mark issued by the Food and Agriculture Organisation (FAO).
Which of the statements given above is/are correct?
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2
Why need hallmark?
- Hallmarking will enable Consumers/Jewellery buyers to make the right choice and save them from any unnecessary confusion while buying gold.
- It will enhance the credibility of gold Jewelry and Customer satisfaction through third-party assurance for the marked purity/fineness of gold, consumer protection.
- This step will also help to develop India as a leading gold market center in the World.