India has increased the cost of hallmarking gold jewellery ahead of its important festive and wedding trading season.
The Bureau of Indian Standards (BIS) raised the hallmarking fee from ₹45 to ₹75 ($0.47 to $0.78) per gold article on 14 September, representing an increase of nearly 67%. The minimum charge has been set at ₹200 ($2) per consignment.
The change applies across India’s gold jewellery trade and will affect domestic jewellers alongside international luxury houses operating in the market.
The additional ₹30 ($0.31) per article is unlikely to have a material effect on the retail price of luxury jewellery. Its wider significance lies in the cost and complexity of complying with India’s certification system as the country attracts greater investment from global luxury brands.
Gold jewellery offered for sale in areas covered by India’s mandatory hallmarking regime must conform to the relevant Indian standard and carry a BIS hallmark. This comprises the BIS logo, the article’s fineness and a six-digit Hallmark Unique Identification code.
