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Gold has been under pressure of late due to the strengthening US Dollar and the Federal Reserve’s hawkish shift in tone.

As gold hallmarking gets implemented in 256 districts in Phase I, consumers are wondering what will happen to their old non-hallmarked jewellery.

As per the government decision, beginning June 16, jewellers are only allowed to sell only 14, 18 and 22 carats gold jewellery. The government has made gold hallmarking mandatory in an endeavour for better protection & satisfaction of customers.

However, the government has also said that no penalty will be imposed till August 2021. The government has set a deadline of September 1 for jewellers to hallmark their old stock. No coercive action will be taken against any trader during this two-month window of leeway.

Currently, only 30% of gold jewellery in India is hallmarked. Gold hallmarking will help develop India as a leading global gold market centre.

Gold hallmarking is a ‘purity’ certification of the yellow metal to identify the fineness of gold and ensure consumer protection. To know all about gold hallmarking, watch a quick explainer by clicking here.

What will happen to your gold jewellery?

Don’t worry about losing value for your old gold jewellery as they will all be still valid. Jewellers can also continue to buy back old gold jewellery from customers even if they don’t have a hallmark, the government stated. Old jewellery can be hallmarked as it is, if feasible by the jeweller. Besides, the hallmark can also be added after melting the gold to make new jewellery.

What will not be hallmarked?

On Gold watches, fountain pens and special types of jewellery like Kundan, Polki and Jadau will be exempted. Export and re-import of jewellery as per the Trade Policy of Government of India – Jewellery for international exhibitions, jewellery for government-approved B2B domestic exhibitions will also be exempted from mandatory hallmarking.

Gold jewellers with annual turnover up to Rs 40 lakh have been exempted from mandatory hallmarking, the government stated.

Overall, while the implementation is happening in a phased manner, issues that will crop up in the next few days also will be taken up by the government to look for solutions.

The government has said that a committee constituting representatives of all stakeholders, revenue officials and legal experts will be formed to look into issues that could emerge after the implementation of the scheme.