Govt finalising jewellery hallmark rule; refineries to self- certify

The central government is finalising the rules on compulsory making hallmarking of jewellery. Hallmarking centres will be doing so for 14, 18 & 22carat jewellery. For coins and bars, self-certification by refineries will be permitted.

The industry has already started making noises on several proposals. India Bullion and Jewellers Association (IBJA) has said: “Self-certification of coins by refineries contravenes the basic purpose of a certifying agency. Self-certification without any third party intervention can be risky and refiners can misuse it.”

Surendra Mehta, national secretary, IBJA, said: “Coins from 0.1g to 100g must be hallmarked by approved centres.”

Sources say the government will allow refineries to self-certify hallmarking of coins because they will also have to take Bureau of Indian Standards registration and work is on to ensure they follow the global best practises about good delivery and so on.

Rajesh Khosla, chairman emeritus of MMTC PAMP and president of the Association of Gold Refineries and Mints, said: “Gold jewellery is of different caratage; hence, hallmarking applies. Gold coins are of 999 or 9,999-purity, akin to bullion but in a minted form; here, the manufacturer's mark has credibility. Gold coins will always have purity, weight and manufacturer logo inscribed on the face. Some manufacturers will further package in assay certified packaging, protecting the product from damage or substitution.”

By the current proposal, hallmarking centres may do so for 22-carat medallions, which includes coin.