In an email conversation with FE Online, Ketan Kothari, Director of Augmont, breaks down the gold purchase process and discusses how to recognize pure gold jewelry, the country’s new hallmarking laws, and what to do if you want to get your old jewelry hallmarked.
Let us begin with the fundamentals. Is it true that only 22 Karat gold is utilized in the manufacture of jewelry?
Because 24-karat gold is pure gold and contains no other metals, it is soft and malleable. It is commonly used in the manufacture of gold bars, coins, electrical gadgets, and medical equipment.
What are the new hallmarking rules for retail purchasers’ benefit?
While the government’s measure would help customers ensure the quality of the gold jewelry they buy, it will also help the country become a worldwide gold buying hub. Consumers will profit from the advancement since it will bring responsibility to the industry, allowing them to have confidence in the quality of their gold.
Only 256 districts presently have hallmarking laws in place. How can a buyer verify that he or she is not duped when entering a showroom?
The limits on gold hallmarking are being phased in, with stores in 256 districts throughout India being the first to be affected. When a buyer walks into a showroom, he or she should look for the BIS Certification symbol to determine if the jeweler is BIS certified. Following that, the customer should only buy hallmarked jewelry after thoroughly inspecting the four indicators of purity, and he or she should always receive a bill from the jeweler.
How can one ensure that the 22 Karat gold jewelry they are purchasing is hallmarked?
Finding the karat mark on the jewelry item is a simple way to check the purity of your gold jewelry. Jewelers are now required to stamp each gold item with the hallmark and gold carat. If it is not visible, request that the jeweler show it to you using a 10x magnifying lens.
What are the warning signals that the buyer should be on the lookout for?
The BIS mark (represented by a triangle); the caratage (22K916) signifying purity; the jeweler’s mark; and the authorized assaying center mark are the four basic hallmarking indications. Gold jewelry in India can be hallmarked in 14, 18, 20, 22, 23, and 24-carat weights.
For individuals wanting to sell antique jewelry that isn’t hallmarked, how would the jeweler determine the pricing, and will the jewelers buy back?
Don’t be concerned about the value of your old gold jewelry depreciating because it will still be legal. Even if the gold jewelry lacks a hallmark, jewelers can continue to purchase it from clients. Old jewelry can be hallmarked as is if the jeweler believes it is possible. Furthermore, the hallmark can be added after the gold has been melted down and used to make new jewelry.