Beware of fake hallmarked gold: Here's step-by-step guide to check fake jewellery items

 Beware of fake hallmarked gold: Here's step-

by-step guide to check fake jewellery items

Gold demand in India, the world’s second-biggest consumer, could take a bigger beating if prices continue to spiral upward and inflation squeezes disposable incomes, according to the World Gold Council.

Cash your Jewellery

Sales slumped 18% from a year earlier and imports plummeted by more than half in the January-to-March period as prices surged and a fresh outbreak of coronavirus kept people away from stores, the London-based promotion group said. Fewer auspicious days for weddings, a key source of demand, and the decision by many households to delay purchases in anticipation of a price correction also added to the decline, it said

To ensure the purity and quantity of gold purchases, the ministry of consumer affairs implemented mandatory hallmarking using a special code called HUID.

Beware of fake hallmarked gold: Here's step-by-step guide to check fake jewellery items

Hallmarking Federation of India (HFI) has warned the government about the increasing risk of fake hallmarked gold being traded in the Indian market. To ensure the purity and quantity of gold purchases, the ministry of consumer affairs implemented mandatory hallmarking in June 2021 using a special, six-digit alphanumeric code known as the hallmark unique identification (HUID).

However, merchants in the unorganised sector requested more time to get rid of the inventory that had been discretionarily hallmarked under the previous programme. James Jose, president of HFI, stated that "the old logo was not foolproof, unlike the HUID," adding that "fake hallmarked" gold is being traded alongside HUID gold in the Indian market.

Jose argued that it was urgent for the government to set a deadline after which jewellery hallmarked with the previous logos could no longer be sold. He claimed that since then, some jewellers have continued to hold onto their old stock and have asked the government for extensions of up to three months, Mint reported.

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According to HFI, the trade violates the sale of old logo hallmarked goods to promote their inferior and fake hallmarked jewellery items, posing a serious threat to the HUID hallmarking system and calling for control. Additionally, the authorities must raise awareness about mandating hallmarking to the rest of 400 districts across the nation.

According to Surendra Mehta, national secretary of the India Bullion and Jewellers Association (IBJA), whose rates are adopted by the Reserve Bank of India to price sovereign gold bonds, HUID, caratage, and BIS logos are the three logos used in the new marking procedure. A customer can enter the HUID on the BIS Care App to get all the information about the ornament, including the maker, purity, etc., to confirm that the gold is actually hallmarked.

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