Buying Gold: New rule from april 1 don't miss this...
Buying gold in india is really more about adornment and money. The majority of gold is purchased as jewellery or coinage. But did you realise that starting on april 1, 2023, the laws governing gold jewellery with a hallmark will change?
The sale of hallmarked gold jewellery and gold artefacts will be allowed starting on april 1 with only a six-digit alphanumeric HUID (Hallmark Unique identifying) - union identifying number - in an effort to protect the interests of consumers.
Accordingly, the Bureau of india Standards will not permit the selling of old hallmarked gold jewellery with four logos after march 31. (BIS). A six-digit alphanumeric code called a HUID number contains both digits and letters. At the time of hallmarking, each piece of jewellery will receive a unique HUID.
Indians are big gold investors, and gold holds a lot of societal significance. Unfortunately, there is a lot of gold jewellery fraud and mis-selling. customers can track down the jeweller of the gold jewels using the six-digit Hallmark Unique Identification number. As a result, the indian jewellery industry will surpass international standards, according to Dr mukesh Jindal, co-founder of Alpha Capital.