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Gold buyers beware! Never buy gold without these signs

IamCheated.com Research Team | December 03, 2019  3:55:pm

We Indians are emotionally attached to gold and consume it more than any other country in the World. Indians have never stopped purchasing gold jewelry, even when prices were high. Gold is also considered as an investment which helps in an emergency situation. But, many innocent people get cheated while purchasing gold jewelry and end up with impure gold.

At present, hallmarking of gold is not mandatory. Jewelers voluntarily opt for it. If you are buying gold which is not hallmarked; there are chances of buying impure gold. In order to curb this, the government of India has taken a major step. With the intention of ensuring the purity of gold; hallmarking of gold jewelry and artifacts is made compulsory across India from January 15th, 2021. This step by the Central Government makes buying gold in India very safe as hallmarking of gold ensures quality and purity of gold.

See Also: How To Identify Whether Gold Is Real or Fake?

A notification regarding this will be issued on January 15th next year and the decision comes into effect after a year, which makes it mandatory for all jewelers to register themselves with the Bureau of Indian Standards (BIS). At present only 40% of gold jewelry is hallmarked.

Jewelers are provided a year from the date of the notification by the Government; to implement new gold hallmarking rules which would enable them to clear their existing stock. So, all the jewelers in India will have to complete the registration process by January 2021.

Why should you buy hallmarked gold?

The hallmark sign on the gold jewelry assures you of the purity of the gold. When you buy hallmarked gold, you will be assured of authenticity by the jewelry.

4 hallmark signs you should look for before buying gold jewelry:

1. BIS Mark

In India, BIS hallmark is a hallmarking system for gold and silver jewelry. BIS Mark certifies the purity of the metal. This mark declares that the jeweler complies to a set of standards set by the Bureau of Indian Standards (BIS), the national standards organization of India.

2. The purity of the gold in Karats

24KT gold is considered to be the purest form of gold when the purity of gold is measured in Karats. As 24KT gold is very soft and can't be converted into jewelry or ornaments, other metals like silver and zinc are added. In the case of 22 karat gold, 22 parts of gold are mixed with 2 parts of Zinc or Silver.

22K916: Corresponding to 22 Karat

18K750: Corresponding to 18 Karat

14K585: Corresponding to 14 Karat

3. Identification Mark or Number of the Hallmarking Centre’s

4. Identification Mark or number of the Jeweler

The jewelry shop from where you are purchasing your gold ornaments will put up an identification mark. This mark is that of the BIS certified jeweler.

See Also: Buying Gold Online? Here Are The Things You Need To Consider

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