Indians are one of the largest consumers of gold in the world. So, how are Indians using gold? Mostly as jewellery. About half of the annual demand for gold in India comes from gold jewellery.
Ever wondered if the gold you are buying is really pure? Nearly every day, stories of fake gold are being reported. People are losing their hard-earned money.
After all, the price of gold has increased significantly. Ten grams of gold cost Rs 50,000 in 2020. Gold rate today in India is Rs 95,420, having touched Rs 1 lakh mark in April.
The incentive to cut corners by sellers of gold has never been higher. Now, we are not saying all gold sellers are cutting corners. Far from that. But at the same time, we must acknowledge that there have been more than a few instances of gold buyers being shortchanged.
So, how do you make sure the gold you are buying is pure and not a fake?
There’s help at hand.
The government of India has put in place hallmarking rules. It is now mandatory for the jewellers to sell only hallmarked jewellery.
The next time you are buying 18, 22, or even 20 carat gold jewellery, ask your jeweller to show the “hallmark”. How? Ask the jeweller to show three things on your earring, necklace, or any other jewellery piece you may be buying – the Bureau of Indian Standards (BIS) logo, purity in caratage and fineness, and the 6-digit alphanumeric HUID.
Here’s the finer point. Earlier, the 6-digit HUID was not compulsory. The jeweller may show you the BIS logo and purity mark along with the logo of the jeweller and the Hallmarking Centre number. That is an outdated rule.
Bureau of India Standards (BIS) has prohibited the sale of hallmarked gold jewelry or gold artifacts without a 6-digit alphanumeric Hallmark Unique Identification Number (HUID) after March 31, 2023.
Now comes the interesting part where you don the hat of an investigator. Each hallmarked jewellery piece has a unique HUID number, which is traceable.
Here’s how to check it. It’s very simple.
Download the BIS Care App on your phone and zoom in on the jewellery to read the HUID. Enter the HUID number in the app, and you can view the information of the jeweller who got the article hallmarked, their registration number, purity of the article, type of article, as well as details of the hallmarking center that tested and hallmarked the article.
The guarantee of purity or fineness of the gold jewellery is made easy with the 6-digit HUID. What’s more, the hallmarked gold will fetch you the right market price for gold in the future.
What if you missed checking this? You can even check it now. And, if you got cheated, there’s a law that helps you get compensation.
In case Hallmarked jewellery is found to be of lesser purity than that marked on jewellery, then the buyer is entitled to compensation, which shall be two times the amount of the difference calculated on the basis of the shortage of purity for the weight of such article sold and the testing charges.
Also Read – Gold at Rs 1 Lakh: Why gold coins are an affordable buy now
Now, that is what we call an ‘informed buying decision’. What you pay for is what you get, and not just verbal assurance from the jeweller.
So, the next time you buy gold in jewellery form, you can rest assured you have the tools to ensure you get the real stuff. And not some fake gold.
Also Read – Gold price skyrockets; Buyers opt for 18 carat over 22 carat gold