Can you sell your old, un-hallmarked gold jewellery as 24KT Gold prices near Rs 1 lakh?
gold prices
hovering around Rs 1 lakh for 10 grams, many consumers are rethinking their jewellery purchases. A significant shift is underway—rather than buying new
gold jewellery
, people are opting to exchange or sell their old ornaments to capitalise on rising gold prices. However, with hallmarking now mandatory, many are left wondering: can old, un-hallmarked jewellery still be sold or exchanged?
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This year, there has been a noticeable decline in wedding-related gold purchases, indicating a change in consumer behaviour. The wedding season is traditionally a peak period for jewellery sales in India, particularly gold, which holds deep cultural and financial significance.
Instead of making fresh purchases at the current high prices, many buyers are opting to exchange their old gold ornaments for new jewellery. This trend not only helps them save on additional outlay but also avoids the burden of paying hefty making charges and GST on new purchases.
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The World Gold Council, in its February 19 report, stated, 'Wedding-related purchases too have been subdued, suggesting that many consumers had front-loaded their purchases when prices dipped in November. Rather than making fresh purchases, many buyers are opting to exchange old gold for new jewellery. Additionally, as gold prices surged past previous thresholds, many consumers are also taking the opportunity to sell old gold and lock in profits.'
Currently, in India, two precious metals, namely gold and silver, have been included under the purview of Hallmarking. Hallmarked jewellery offers third-party assurance and satisfaction that the customer gets the right purity of gold/silver for the given price (value for money).
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Can you sell or exchange old jewellery without hallmark?
Yes, you can sell old gold jewellery to jewellers even if it is not hallmarked. The Bureau of Indian Standards (BIS) has stated in its FAQs that consumers are not restricted from selling or exchanging old, un-hallmarked items. Jewellers are allowed to accept such jewellery from customers, although the valuation and purity testing will depend on the individual store's policies and processes.
This ensures that consumers will not face penalties for possessing older pieces bought before hallmarking became mandatory.
Important related FAQs
What is HUID in
hallmarked gold jewellery
?
HUID, or Hallmark Unique Identification, is a unique six-digit alphanumeric number assigned to each hallmarked item in the country and is traceable. Customers can also verify the HUID number in the BIS Care App using the 'Verify HUID' feature.
What does a hallmark on gold jewellery consist of?
Since the introduction of the HUID (i.e., July 1, 2021), the hallmark consists of three marks, viz, the BIS logo, the purity of the article in caratage as well as fineness, and the six-digit alphanumeric HUID number.
Can people sell their old jewellery to jewellers after hallmarking becomes mandatory?
Yes, consumers can sell their old un-hallmarked or hallmarked jewellery, lying with them, to jewellers.
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