9 Carat Gold Hallmarking: Gold and silver prices in India are at their record high. In view of the rising prices of gold and silver, gold businesses and jewelers are making an urgent request to the Bureau of Indian Standards (BIS).
Its proposal emphasizes on expanding gold merchant hallmarking and introducing Hallmarking Unique Identification (HUID) number for 9 carat gold jewellery, with an aim to reduce financial stress on customers.
Will there be hallmarking of 9 carat gold soon?
Representatives of India Bullion and Jewelers Association (IBJA), a leading traders association, held a meeting with BIS officials to address the important issue of hallmarking and HUID number for 9 carat gold. According to the report, IBJA National Secretary Surendra Mehta stressed on the adverse impact of rising prices on consumers and said that the prices have gone too far.
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Consumers are feeling the brunt of this. Keeping this in mind, we met the officials. He has sought permission for hallmarking for 9 carat jewellery. The Reserve Bank of India recognizes the IBJA’s input in determining the price of Sovereign Gold Bonds.
9 carat gold priced at Rs 27,740 per 10 grams attracts an additional 3% GST. If hallmarking is approved for 9 carat gold, it will help consumers afford larger or heavier jewelery while adhering to budget constraints. With the permission of 9 carat gold, it will become a little easier for all sections of the society to buy gold.
Silver prices touched Rs 92,444 per kg in Mumbai’s Jhaveri market, 5.67% higher than Friday’s data. Similarly, gold prices have rapidly reached close to Rs 75,000 per 10 grams. On Tuesday, the current rates were around Rs 74,222 per 10 grams and are still trading in the same range.
