GOVERNMENT OF INDIA EXTENDS DEADLINE FOR SALE OF OLD HALLMARKING GOLD JEWELLERY AND ARTEFACTS
1st April 2023
The Ministry of Consumer Affairs, Food and Public Distribution in India has recently issued an order to extend the deadline for the sale of old hallmarking gold jewellery and artefacts until June 30, 2023 (90 Days Extension). The Hallmarking of Gold Jewellery and Gold Artefacts Order, 2020 made hallmarking of gold jewellery and artefacts mandatory from July 1, 2021, in order to ensure the purity of gold sold in the country.
After receiving representations from various stakeholders, the government consulted the Bureau of Indian Standards and decided to extend the deadline for the sale of old hallmarking gold jewellery and artefacts. According to the amendment order, any person who had already declared their old stock of gold jewellery or gold artefacts with old hallmarking prior to July 1, 2021, shall be permitted to sell, display, or offer to sell such declared stock of old gold jewellery or gold artefacts until June 30, 2023.
The amendment order will come into force on the date of its publication in the Official Gazette, providing relief to jewellers who were struggling to sell their old stock of gold jewellery and artefacts due to the mandatory hallmarking rule. Additionally, consumers will have more time to purchase gold jewellery and artefacts with old hallmarking.
In conclusion, this recent decision by the Ministry of Consumer Affairs, Food and Public Distribution will provide a breather to those who were affected by the mandatory hallmarking rule and help maintain the purity of gold sold in the country.
