Nagpur traders react as 24 carat jewellery to go off stores by Jan 2021

Nagpur: From next year, your hunt for 24 carat jewellery could end in vain. Jewellers will not be able to sell jewellery by this carat. Though, they will be able to buy the customer’s 24 carat jewellery. A decree to this effect has been issued by the Bureau of Indian Standards (BIS). The bullion traders of the city are said to be worried about this decree. It is reported that under the new rule of BIS, the sale of jewellery of 24, 23 and 20 carats is going to be banned.

This ban will be strictly applicable from January 15, 2021. After this, jewelers will not be able to sell jewellery in carats. There is a strong fear of bullion trade being affected by this. What is the order of BIS after all? Lets know from the experts of the bullion world.

Speaking to Nagpur Today, the Rokde Jewellers authority informed, “BIS had previously categorized five different carat jewellery for hallmarking. These included 14, 18, 20, 22 and 23 carat jewellery. There was no mention of 24 carats in it. A year and half after this, BIS amended the rule and made a new rule for hallmarking for 14, 18 and 22 carat jewellery. Since the licensing of Hallmarking and BIS was optional many jewelers were also selling 20, 23 and 24 carat jewellery without hallmark. But now, when selling jewellery of 14, 18 and 22 carat, weighing more than 2 grams, their hallmarking will be mandatory. Also, it will be mandatory for bullion traders to get BIS license.”

While Kothari Jewellers informed, “A year has been given to implement this new decree, which came into force from January 15, 2020. In this one year, jewelers will have to either sell their stocks of 20, 23 and 24 carat jewellery or they will have to melt the gold into a hallmark 14, 18 or 22 carat. After this, from 15 january 2021, jewellery of 20, 23 and 24 carats will not be sold in any jewellery shop. However, these carat gold biscuit, coins pieces will definitely be sold. Also, 14, 18 and 22 carat hallmark jewellery weighing more than 2 grams can be sold. However, jewelers will definitely be able to by jewellery of restricted carat (20, 23, 24) previously purchased by the customer. By melting this jewellery, they will be able to sell their coins, biscuits and pieces.”