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New Rules For Buying Gold | Changes in the rules for buying and selling gold, this order issued by the government. Navabharat (New India) A to Z Counsel

New Rules For Buying Gold |  Changes in the rules for buying and selling gold, this order issued by the government.  Navabharat (New India)


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Mumbai: There is an important news for those who buy and sell gold and jewellery. The Ministry of Consumer Affairs said that after March 31, 2023, gold jewelery and gold without hallmark (HUID) will not be sold. This important decision has been taken to clear the confusion of the customers regarding the four digit and six digit hallmarking.

The rules will come into effect from April 1

After the implementation of the new rules, only six-digit alphanumeric hallmarking will be valid from April 1, 2023. Without this gold jewelery will not be sold. This important decision has been taken by the Ministry of Consumer Affairs for the benefit of the customers. Also, the four-digit hallmarking will be completely stopped. The government said that from April 1, gold jewelery will not be sold without a six-digit alphanumeric hallmark unique identification number. The government had started efforts to make hallmarking of gold mandatory a year and a half ago. Hallmarking of gold is a certificate of purity of gold. This applies voluntarily till June 16, 2021. After this, the government decided to make hallmarking of gold mandatory in a phased manner. In the first phase it was made mandatory in 256 districts of the country and in the second phase 32 more districts were added. Due to which the total number of districts becomes 288. 51 more districts are being added to this.

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What is HUID number?

Just like every person has an Aadhaar card for identification, jewelery has a Hallmark Unique Identification (HUID) number for identification. The Hallmark Unique Identification (HUID) number is a six-digit alphanumeric code consisting of numbers and letters assigned by jewelers. With the help of this number, every information related to Jewelery is available. Like quality of jewelry, weight and who bought it etc. Jewelers will also have to upload this information on the BIS portal. Each piece of jewelery will be assigned a HUID at the time of hallmarking and will be unique to each piece of jewellery.

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