You probably know by now that the government has announced a mandate in favour of hallmarked jewellery, to safeguard buyers from unscrupulous practices in the jewellery market. Once this rule becomes mandatory from January 15, 2021, no retailers will be allowed to sell non-hallmarked jewellery. So, what does it mean for people who are looking to sell their old non-hallmarked jewellery? Let’s find out:
What does this mean for you, the buyer?
As per the new policy, hallmarked jewellery will be available in 3 categories – 14 carat, 18 carat and 22 carat. The gold jewellery will now mandatorily highlight four important marks: BIS mark, purity in carat, assay centre’s name and jewellers’ identification mark.
This regulation will ensure that all your jewellery purchases are certified and hallmarked using BIS guidelines. Basically, if any retailer was not already practising hallmark regulation, they have to certify their gold jewellery on the basis of its purity after the regulation comes into action. Firstly, it’s great news for all customers because they will now get assurance on purity assuring that they get full value for the money they spend. It also means now you can register an official complaint if you learn that the jewellery purchased is not upto the hallmarking specification.
What can you do with your existing non-hallmarked jewels?
In spite of the fact that the urban jewellery industry has been propagating the idea of hallmarking, some of your old purchases or heirloom pieces may not fall under the category. But this is no reason to panic; there are many ways you can make use of such jewellery even after hallmarking becomes mandatory.
Resale now or after the regulation
Buyers all over the country should note that if you want to sell non-hallmarked jewellery, then you are free to do so, now and even after the regulation is put into action. A retailer can buy from you anytime regardless of the policy. There is absolutely no restriction from the government on what the consumer does with their pre-owned jewellery. The jeweller can buy the gold, test its purity and pay as per the weight and purity, so if you have a lot of non-hallmarked heirloom or vintage jewellery stacked up, there’s no need to get anxious.
Self – declare to Redesign
In case you want to redesign the non hallmarked piece, a retailer may ask for proper identity proof and ask you to fill up a self-declaration form where all the details of the consumer and the jewellery needs to be provided. Although not mandated by the government, a jeweller may do so to safeguard himself after the rule becomes mandatory.
If redesigning involves adding new parts to enhance the old piece of jewellery, then you may request for those parts to be certified and hallmarked as per the new BIS guidelines. The jeweller may charge you a nominal fee but it’s worth the money. The hallmarking charges as per BIS will be ₹35 per article.
Exchange it for a hallmarked piece
You can, at anytime take your non-hallmarked jewellery to a retailer for exchange for a new piece. The jeweller will accept the piece after assessing the purity and weight of the piece, just like the already-existing system. There will be absolutely no difference in the way a jeweller will treat the exchange order post hallmarking becomes mandatory. So rest assured, you can go anytime after the policy comes into effect and exchange your jewellery.
How will the jeweller authenticate the non-hallmarked pieces?
It is completely up to the customer on whether they want to take cash for the piece they own or want to get them redesigned or exchanged for new hallmarked jewellery. In any case, a retailer uses its own, in-house system to check the purity and weight of the jewellery the customer brings in and then decides the value of the exchange/ resale. Once that is checked, they will tell the customer the worth of their jewellery.