Jewellery With 6-Digit HUID Number To Be Sold - Find All The Details Here
- 14 Apr
- 0 Comments
From April 1, 2023, a new rule has come into effect allowing the sale of gold jewellery and antiquities that only have a six-digit Hallmark Unique Identification (HUID) number. Hence, this implies that the present system, which permits the sale of jewellery bearing "four marks," will no longer be effective after March 31, 2023.
Let's learn more about this new rule, what consumers should do, what they should expect from gold jewellers, and what to consider when buying gold.
About The New Rule
In a press release, the government declared that only gold jewellery with HUID is permissible for sale. Hence, this means that beginning April 1, 2023, if you go to a nearby jewellery store to purchase gold jewellery, you must determine that, besides the BIS hallmark, the gold jewellery contains a six-digit alphanumeric ID. Every item of gold jewellery hallmarked by the Bureau of Indian Standards (BIS) has a unique HUID code.
Also You Can Read :- Silver prices could touch a 9-year high in 2023 with a bigger upside than gold
The abbreviation HUID refers to Hallmark Unique Identification. It is a six-digit alphanumeric code made up of letters and numbers. The BIS-accredited Assaying and Hallmarking Centre stamps HUID.
What Is Hallmarking?
The Bureau of Indian Standards (BIS) defines hallmarking as determining and officially registering yellow metal in precious metal articles. Hallmarking is a certification that verifies the gold's purity. It includes three symbols: the BIS logo, the item's integrity, and a six-digit HUID. The trademark serves as a third-party guarantee to consumers regarding the integrity and fitness of these products.
Until June 2021, jewellers were not required to comply. However, the government has now made it obligatory, except for those who've already disclosed their stock before July 2021, allowing them to apply the revised deadline.
Why Did The Government Introduce The HUID Rule?
As per the Department of Consumer Affairs, every item of gold jewellery bearing a HUID code has a unique identity. Hence, this provides traceability for the gold jewellery in question.
HUID provides transparency, protects consumer rights, and eliminates the possibility of Inspector Raj. According to the Department of Consumer Affairs website, anyone can have their existing jewellery hallmarked and receive an accurate gold value.
Also You Can Read :- The world could run out of gold by 2050 as demand grows to keep up with evolving society, says a researcher
The Department of Consumer Affairs declared that HUID-based Hallmarking registration of jewellery is automatic and requires no human intervention. Further, its purpose is to ensure the integrity of Hallmarked jewellery and prevent fraud. The HUID system is safe and poses no threat to data privacy or security.
How Can This New Rule Benefit Customers?
The HUID enables purchasers to verify jewellers' claims regarding the integrity of gold jewellery. The BIS Care App can verify the HUID code imprinted on the gold jewellery. Hence, if a jeweller has imprinted a bogus HUID code, a customer can verify it and file a complaint against the jewellery store.
What Does This Rule Imply For Sellers?
Government regulations restrict the sale of gold jewellery missing a hallmark.
Under Section 49 of the 2018 BIS Rules, if the yellow metal does not meet the requirements, the consumer will receive compensation based on the deficiency in purity and weight. Moreover, the payment will equal twice the purity difference, including testing fees.
Also, You Can Read:- Union Budget 2023: Conversion of Physical Gold to Electronic Gold Receipt Not to Attract Capital Gains Tax
What Are the Options If Your Old Gold Jewelry Does Not Have a Hallmark?
The customers will not notice a difference. The hallmarking rule only applies to newly sold jewellery.
It implies that consumers can keep their old jewellery as is. But assume they are selling a non-hallmarked piece of jewellery that retains the old four-digit hallmarking or substitute it for a new one. In this circumstance, the jeweller is responsible for providing a product with a six-digit hallmark.
A gold object without proper hallmarking cannot be sold, but the jeweller can melt it and create a new one with the most recent six-digit hallmark.
Under the new regulations, all jewellery purchased in the future will include a purity certification. In addition, customers must ascertain that gold jewellery and artefacts they intend to acquire after April 1, 2023, carry the six-digit HUID.
Hallmarking Signs On Gold Jewellery To Note
On June 16, 2021, the government declared the BIS hallmark obligatory for selling gold jewellery and artefacts. In addition, as of July 1, 2021, the government has updated the BIS hallmark symbols on gold jewellery.
The revised marks on gold jewellery hallmarked by the BIS are as follows:
- BIS logo
- 6-digit HUID code
- Purity/Fineness grade
24Karat: The Best Place Gold Jewellery Buyer
With these new rules and regulations, customers might wonder if selling their old valuables without a 6-digit HUID can be safe or what if gold buyers won't accept their yellow metal.
If you are wondering how to sell gold coins amidst these regulations, 24Karat, the reputable and trusted buyer of gold in Delhi NCR, is here to assist. At https://www.24karat.co.in/ we assess your gold jewelry purity using our Karatmeter and offer the best price. We then process this gold for further use. After selling your gold with us, you can get cash instantly, and every process takes place in utmost privacy.
Hence, if you are wondering where to sell gold in Delhi NCR, then 24Karat is here. Choose any nearest branches from our stores, and we will gladly assist you.
The world could run out of gold by 2050 as demand grows to keep up with evolving society, says a researcher
By Admin: Mar 7
Union Budget 2023: Conversion of Physical Gold to Electronic Gold Receipt Not to Attract Capital Gains Tax
By Admin: Feb 17
Leave A Comments