The central government implemented a price increase for the hallmarking of both silver and gold jewellery. Both category have seen their hallmarking costs rise by Rs 10 per item, with gold hallmarking now at Rs 45 per piece and Silver hallmarking at Rs 35 per unit.
ET Bureau reported that the minimum consignment fee required for hallmarking has not changed. The size of the jewellery business will determine how much this price hike in hallmarking will affect them. Because hallmarking costs are the exact same regardless of weight, the price hike will be more noticeable for lighter jewellery items that retail at a lower price than heavier items.
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ET Online reported that the Bureau of Indian Standards, which falls under the Department of Consumer Affairs in 2018, has for the first-time revised the hallmarking fees for gold and silver articles. After almost four years, this revision of hallmarking charges is possible.
After many delays due to the pandemic, India has made it mandatory to hallmark all gold jewellery. Silver hallmarking is voluntary at the moment. Shoppers can request jewellers to mark their silver jewellery, but larger brands will tend to mark their silver before selling.