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Gold trade urges introduction of hallmarking for 9-carat gold



The gold trade has called for hallmarking and HUID numbers to be introduced for 9-carat gold amid record-high prices of both gold and silver. Officials IBJA met with BIS executives to discuss the matter. IBJA emphasized that allowing hallmarking for 9-carat gold could enable consumers to purchase heavier jewellery within their budgets.


The gold trade has urged the Bureau of Indian Standards (BIS) to introduce hallmarking and Hallmarking Unique Identification (HUID) numbers for 9-carat gold as prices of the yellow metal along with silver have scaled an all-time high, becoming unaffordable for many. Nine-carat gold currently costs ₹27,740 per 10 gm. There will be a GST of 3% over and above this price. If hallmarking is allowed for 9-carat gold, consumers can buy a heavier piece of jewellery within their budgets.Currently, 14, 18 and 22 carat gold are hallmarked with an HUID number.



Surendra Mehta, national secretary of IBJA, said, "Prices are surging northwards and consumers are feeling the pinch of it. Keeping that in mind, we met the officials today to allow hallmarking for 9-carat jewellery."



Source: ECONOMIC TIMES




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