NEW DELHI: As the Centre has only just started engagements with stakeholders, the required hallmarking of gold bullion would not become necessary as of July 1.There is a lot of confusion about the fact that mandatory hallmarking will not begin to take effect on gold bullion until July 1, the sources in the consumer affairs ministry noted.
"For gold bullion, mandatory hallmarking will no longer be required as of July 1. The procedure to making it mandatory has just started, said the source.
The sources continued, "Discussions with all the stakeholders are ongoing, and a subcommittee has been formed to start the process."
The head of the Bureau of Indian Standards (BIS), Pramod Kumar Tiwari, stated in March of this year that the government intends to mandate hallmarking of gold bullion and has the draught regulations prepared.
Sources have also said that consultations with stakeholders are taking place as the rules are being finalised.
Considering the vast amount of jewellery produced, the quality of the gold used as a raw material in bullion is crucial.
Gold bullion with a hallmark would aid in assuring the desired purity of gold jewellery made in the nation.
The greatest importer and consumer of gold worldwide is India. Every year, the nation imports 700–800 tonnes of gold.
Commodity Market: Gold price remains steadily high, Silver hits new peak
Commodity Market Watch: Gold slips amid global cues, silver rate up
