Gold is considered a respectable metal for its value and rich history by people for thousands of years. Several uses of gold have been observed since its inception, for instance, coins containing gold since 650 B.C. During the reign of King Croesus of Lydia, the first pure gold coins were invented. From then, the demand for gold and its value tended to increase, and throughout the centuries, people tried to keep gold as an asset for various reasons, thus perpetuating its worth.
It works as insurance in tough times when we can sell this stored gold to fight against turbulent periods. Regardless, as it emerges with great values, people must check its purity before accumulating it. Hence, several ways have been penciled in by the government of India to mark its genuineness. One of them is hallmarking, so now we will understand the concept of hallmark and some frequently asked questions relevant to this topic-
Hallmark Registered Gold is Pure. So how to Invest in Gold?
Hallmark in gold means a stamp on the gold and silver metal items imposed by the BIS that defines the piece’s purity. It explains that the article consists of the maximum proportionate of solid gold mixed with a minimum percentage of alloy to make it 999.9% pure. The hallmark sign is given on the gold time so that gold buyers can acknowledge its purity when they buy it. People may ask how to invest in gold before accepting it as an asset. To buy gold coins, you first have to examine their purity.
The Ministry of Consumer Affairs made hallmarking mandatory on gold and silver items. Previously only 30% of the gold sold in India was hallmarked. Still, the recent implementation of hallmarking rules made it compulsory to sell gold items having hallmarked registered to enhance their authenticity.
On that note, the Indian government approved additional gold carats of 18, 23, and 24. Alongside, many swindler jewelers impose their name in the place of a hallmark certification. Such promotional branding does not evaluate any value as it does not reciprocate any authenticity of the item you sell to your consumers.
Here Lie 5 FAQs About Gold Hallmarking
- Which Valuable Metals are Hallmarked in India Presently?
Recently, India has been providing hallmarked registered silver and gold metals. People used to buy both of these metals under the purview of hallmarking. Reputable shops or brands can only sell these two metals if they are hallmarked because the hallmarked stamped items would display their authenticity and reveal that they are 100% in their pure form. A hallmarked certification of a gold item would have a BIS certification indicated by a triangular sign on the backend of the gold coin. Secondly, it represents purity, fineness, and a six-digit alphanumeric code (HUID).
- How to Identify the Hallmark Sign?
A hallmark appears as a sign denoting the gold item’s purity, quality, and authenticity. Generally, when buying them from reputable stores, people consider it a mark or symbol on a gold product or jewelry. To figure out the hallmark sign on the gold product, examining it carefully and closely is the only need.
Look closely at the back and front end to denote the mark that occurs or is engraved on the item where it is manufactured. for any marks, symbols, or numbers stamped or engraved on the item. The hallmark symbol is not the same for every carat measurement of jewelry; thus, it goes like this-
- A marking of ‘10k’ ensures it is a 10k gold item. It means the gold has a mixture of 41.6% gold and 58.4% alloy.
- Similarly, a marking of 24k locates 24-carat hallmark gold, ensuring 100% pure gold without mixing other substances in the gold article.
- Where Can You Cross-Check the Purity of the Hallmarked Gold Article?
To double-check the purity of hallmarked gold jewelry, you can opt for the HUID numbers. The BIS CARE app provides a feature that checks the purity of the HUID number. You can download the app from the Google Play Store on your Android device. Individuals can also cross-check the purity of the gold coins from reputable online and offline stores via an Assaying & Hallmarking (A&H) center. It charges a minimum of after paying Rs 200 as a testing fee.
- What are the Significant Components of Hallmarked Gold?
Here lie some of the essential components related to hallmarking-
- The gold piece would have a Caratage mark showing purity percentage and fineness.
- For additional security, The BIS guides the gold buyers to check the address of the jeweler mentioned on his license.
- The center’s identification mark providing the hallmark or number would be present on the hallmark certificate provided by the jewelry along with the jeweler’s identification mark.
- When purchasing, the customer should take a breakup of the bill where the hallmark and gold charges are separated to compare the charges levied by the seller. Thus, the hallmarked certification set by the government is Rs 35 per gold item.
- What are the Perks of Buying Hallmarked Gold Items?
Buying hallmarked gold has an enormous benefit because, at the time of selling, it would assure the buyer about the genuineness of the gold you are selling to him. It will take a hassle-free business where no question of fraudulence resembles in between. Therefore, a gold owner must understand how to identify the hallmark certification. Hallmarking is helping the gold market do business more organized manner; at the same time, customers are also becoming more conscious and confident to buy 24K gold coins online.
Experts always recommend buying gold coins from an authentic place. Online stores provide pure 24k gold coin and 22k gold metal. Also, they deliver gold coins with hallmarks to showcase their purity.
Gold is a precious metal, and it is being worn by many Indians and used for getting. So, do not hesitate to buy gold coins; caution is necessary to examine their purity.