Description
GS PAPER II: Welfare schemes for vulnerable sections of the population by the Centre and States and the performance of these schemes; mechanisms, laws, institutions and Bodies constituted for the protection and betterment of these vulnerable sections.
Context: The Centre further extended the deadline for mandatory hallmarking of gold jewellery and artefacts by a fortnight till June 15 in view of the COVID-19 pandemic
Background:
- In November 2019, the government had announced that hallmarking of gold jewellery and artefacts would be made mandatory across the country from January 15, 2021.
- However, the deadline was extended for four months till June 1 after jewellers sought more time in view of the pandemic.
Hallmarking:
- Gold hallmarking is a purity certification of the precious metal and is voluntary in nature at present.
- Hallmarking is the accurate determination and official recording of the proportionate content of precious metal in precious metal articles.
- In India, at present two precious metals namely gold and silver have been brought under the purview of Hallmarking.
- BIS through its network of Regional/ Branch Offices all over the country operates the Hallmarking Scheme for gold and silver jewellery.
- Pramod Tewari committee, has been formed to ensure proper coordination and resolve the implementation issues.
- The BIS has been running a hallmarking scheme for gold jewellery since April 2000. Around 40 per cent of gold jewellery is being hallmarked currently.
Significance of this move:
- The hallmarking of jewellery/artefacts is required to enhance the credibility of gold jewellery and customer satisfaction through third party assurance for the marked purity/fineness of gold.
- This step will help to develop India as a leading gold market center in the world.
- The mandatory hallmarking will protect the public against lower caratage and ensure consumers do not get cheated while buying gold ornaments and get the purity as marked on the ornaments.
About Bureau of Indian Standards:
- BIS is the National Standard Body of India established under the BIS Act 2016 for the harmonious development of the activities of standardization, marking and quality certification of goods and for matters connected therewith or incidental thereto.
- BIS has been providing traceable and tangible benefits to the national economy in a number of ways –
- providing safe reliable quality goods;
- minimizing health hazards to consumers;
- promoting exports and imports substitute;
- control over proliferation of varieties etc. through standardization, certification and testing.
https://www.business-standard.com/article/markets/mandatory-hallmarking-of-gold-jewellery-govt-extends-deadline-till-june-15-121052401474_1.html
