Page 32 - Bullion World Volume 03 Issue 07 July 2022

Bullion World | Volume 2 | Issue 07 | July 2022

hallmarked, the hallmarking center buyers abroad. Presently 80% of fractional buying of gold bullion on
shall also mark the weight of India's jewellery exports are to the the online platforms. With these
the gold contained in that article, UAE and other Indian diaspora certified gold and bullion products
as declared by the jeweler. The abroad. As and when India joins available at such transparent pricing
Ministry has proposed to remove the International Vienna convention platforms, the investment demand
the exemption, aimed at protecting on hallmarking, the Indian jewellery for gold, in hallmarked jewellery and
the consumer interest, on the articles shall be carrying the smaller bullion bars and coins, may
quantity of gold contained in these additional mark –Common control go up considerably, even from the
studded items. The recent gazette mark of the Vienna convention, rural areas. The HUID hallmarking
notification has permitted jewellery ensuring its conformity to Vienna and its traceability the mechanism
hallmarking in 6 karatages of 14, standards of hallmarking and such can always be extended to cover
18, 20, 22, and 23. and 24 KS, with articles are accepted abroad without the hallmarked bullion bars coming
24 KS indicating standard gold of retesting and hallmarking. India from BIS licensed gold refineries,
995 purity. However, the majority started the process of joining the elevating gold purchases to a greater
of the hallmarking done is in 22 kt Vienna convention several years level of credibility and
and the remaining in 18 kt. Whereas back and now it needs to be transparency, for personal use and
the next karat 24 KF (fine gold 999) pursued vigorously, so as to investment purposes.
manufactured by BIS licensed gold penetrate the quality-conscious
refineries, is hallmarked by these western markets, especially in the
gold refineries, under the product context of India targeting
certification scheme, after rigorous humongous growth in merchandise
assaying as per IS 17025: 2017, the exports in the coming years
highest international standard for
gold assay laboratories. With gold being classified as an
asset class, the soon-to-be-launched
The launch of HUID hallmarking domestic spot exchanges for gold
has opened up several vistas of shall open up gold products to a new
opportunities, especially for set of buyers and investors, in Demat
exporting it to quality-conscious and physical form, in addition to the

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