The Ministry of Consumer Affairs, Food and Public Distribution ("MoCAPD") via a press release dated March 31, 2023, issued the Hallmarking of Gold Jewellery and Gold Artefacts (Second Amendment) Order, 2023 to further amend the Hallmarking of Gold Jewellery and Gold Artefacts Order, 2020.
Since gold is of such intrinsic value and is considered to be a popular investment choice by the majority of people, the Bureau of Indian Standards (BIS) in order to safeguard consumers from adulteration and to oblige jewellers to maintain legal purity standards has taken this noteworthy step.
In an examination of the power conferred by the Bureau of Indian Standards Act, 2016, the Central Government amended the Hallmarking of Gold Jewellery and Gold Artefacts Order, 2020 and inserted a proviso under sub-clause (2A) of Clause 2.
According to the proviso, if any person had already given declaration under Section 18(4) of the Bureau of Indian Standards Act, 2016 regarding his old stock of gold jewellery or gold artefacts containing old hallmak as existed before July 01, 2021, then such person shall be allowed to sell or display or offer to sell such old stock of Gold jewellery or Gold artefacts upto June 30, 2023.
This amendment allows jewellers to sell their old stock of gold jewellery or gold artefacts with old 'four marks hallmarking' till June 30, 2023, which they had declared prior to July 1, 2021.
Sources:
1. The Hallmarking of Gold Jewellery and Gold Artefacts (Second Amendment) Order, 2023 available here: https://consumeraffairs.nic.in/latestnews/hallmarking-gold-jewellery-and-gold-artefacts-second-amendment-order-2023
2. The Hallmarking of Gold Jewellery and Gold Artefacts (Amendment) Order, 2020 available here: https://www.bis.gov.in/wp-content/uploads/2020/10/Hallmarking-of-Gold-Jewellery-and-Gold-Artefacts-Amendment-Order-2020.pdf
3. The Bureau of Indian Standards Act, 2016 available here: https://bis.gov.in/wp-content/uploads/2020/12/BIS-Act-2016-Bilingual.pdf
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