Being in the gold business for many years has really prepared us to see the best and the worst in the business.
One of the most recurring issues we face as gold buyers is dealing with gold that is stamped higher than the actual karat value. An item may be sold to you as 22 karats, which should be 91.67% pure gold, but it may be 20 karats. The difference between 22 karat and 20 karat doesn’t seem so big but it actually is. It could range from $5-10/gram difference.
To address this issue, the government of India decided to take a step further into policing karats to ensure consumers are not paying more than they should for their valuables.
Late last month, the gold trading industry in India announced plans to set up 100 hallmarking centers, and establish a precious metal assay and training institute in an effort to ensure the purity of gold sold in the country.
According to the Economic Times of India, “Indian Association of Hallmarking Centres has submitted a proposal to the Bureau of Indian Standards to issue a certificate along with each jewelry sold, capturing its photo, purity, weight and the names of the center that put the hallmark and the jeweler who sold it.”
Gold hallmarks show the purity of a piece of gold jewelry. They generally include the mark of the assaying office that certified the purity, as well as the fineness or caratage of the gold.
We’re hoping this issue is addressed appropriately as our clients have had many issues with this in the past!