Gold Hallmarking Fee: If you want to buy gold jewelery during the festive season, then this news is very special for you. The rate of hallmarking has been increased due to which it is going to become more difficult to buy gold. An even greater increase in gold rates may be seen. The price of gold may increase even higher in the coming time.
This does not at all mean that gold will directly become costlier by ₹50 per gram. The rate of gold is decided according to hallmarking. Now it has to be seen how much the gold rate increases according to hall marking.
Now how much will be the hallmarking fee on gold jewellery?
According to the changed fee of BIS, the hallmarking fee of gold jewelery will now be Rs 75 per article. Earlier, one had to pay Rs 45 for this.
That means the fee on one article has increased by Rs 30. On the other hand, there has been no change in the hallmarking fees for silver jewellery. The duty of Rs 35 per article on silver will continue as before.
Will the extra Rs 30 go out of the customer’s pocket?
This question is arising because after increasing the hallmarking fees, it may affect the total price of the jewellery. But it would be wrong to consider this as an increase of Rs 30 per gram in the price of gold.
Hallmarking fee is determined not according to the weight of the jewellery, but based on the article. Therefore, duty on individual pieces of jewelery like a ring, chain or bracelet will be applicable as per the article.
How the jeweler incorporates this additional cost into the final bill will determine the actual impact on the customer.
Why is hallmark so important in buying gold?
While buying gold jewellery, its purity is equally important along with its shine and design. Hallmarking is a system related to identifying this purity.
Before purchasing the jewellery, the customer must check the BIS hallmark and purity information on it. Apart from this, the HUID number present on the jewelery can also be checked.
Gold Hallmarking Fees: How to get information about jewelery from HUID number?
HUID i.e. Hallmark Unique Identification helps in verifying the information related to hallmarking of jewellery. Customer can verify HUID through BIS Care App.
This gives the customer an additional way to check information related to the identity and hallmarking of the jewelry while purchasing it.
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