Gold has a deep-rooted significance in Indian history, alluring people from different parts of the world with its beauty and charm. Its golden glow was visible across seas and borders, evoking emotions from millions of hearts. Over the years India’s infatuation with gold has grown stronger and stronger, with Indians accounting for most of the gold consumed globally. Gold, in Indian history, is more than an investment, it is a culturally significant metal that has found a place in Indian hearts and homes alike. Let us see how BIS Hallmarking Assaying Business In India is changing for the times to come.
India is one of the largest markets for gold, and growing affluence is driving growth in demand. Gold has a central role in the country’s culture, considered a store of value, a symbol of wealth and status and a fundamental part of many rituals.
The Government of India recently announced that it is fully prepared to implement mandatory hallmarking of gold artefacts and jewellery from June 1, 2021. Currently, Gold BIS Hallmarking Assaying is voluntary in the country.
With hallmarking unique ID (HUID), the government has embarked on a mission to track each piece of gold that is sold in the country. The government wants to do so by attaching unique identification numbers to them.
Hypothetically, this HUID for gold is similar to a PAN or Aadhar number for an individual. HUID will give a unique identity number to each piece of gold in the country. It will help track down the entire journey of that piece of gold from the point of sales to what happens with it after being purchased. The jeweller who sold it, the buyer who purchased it, whether that piece of gold is stored in a locker, turned into jewellery or simply went for reselling, HUID will tell you all.
What is Gold Hallmarking?
- Gold Hallmarking is providing purity certification to the gold jewellery and artefacts.
- Only three grades of jewelleries will now be hall marked under the new regulations. They are 14-carat, 18-carat and 22-carat. Earlier, ten grades of gold jewelleries were hall marked.
- The new Gold Hallmark will contain four marks. They are purity in carat, BIS mark, assay centre’s name and the identification mark of the jeweller.
- The system is also available for consumers who want their old jewelleries hallmarked.
- A person found violating the provisions will have to pay a minimum fine of Rs 1 lakh or five times the price of the article.
Importance of Gold Hallmarking
- The mandatory hallmarking of gold will protect the public against lower carat. This will ensure that the consumers are not cheated.
- It will bring in transparency and will assure quality to the consumers.
- It will remove corruption in the system of manufacturing of jewellery.
- Legality of Gold Hallmarking
So how is franchising your BIS hallmarking assaying business going to help you??
Now that we know hallmarking is compulsory for the yellow metal, let’s see how you can benefit from having a franchise. Imagine you have set up a unit to do hallmarking of gold. Every jeweller has to get their products hallmarked. Won’t you be the person who will be in demand? This means that having yourself placed in the right place will help you to have a business throughout the year. We know, gold as a commodity will always be in high demand. Having franchises across India will have many advantages for the same.
The benefits of franchising are as follows:
Rapid Expansion: The biggest advantage of franchising in a country like India, which is so geographically diverse, is the speed of expansion. If you don’t move quickly on expanding, someone else will. It is often seen that communities, friend circles, social circles, and everybody catches upon a franchisee that they see within their proximity.
Market Dominance: Take the first-mover advantage and have the market edge over the competition. The business opportunities have to be grabbed when
Additional Income: With a franchise, you can earn in terms of royalties, franchise fees, equipment sales etc. With such sources of income, it becomes more attractive to the franchisor to give out franchises.
Low Risk of Failure: Franchises have a lower failure rate. When you opt into a franchise, you generally have a network that will offer them support and advice, making it less likely they’ll go out of business.
The Indian market is a large market with the potential being limitless. With the regulations taking a huge step in the jewellery sector, we can look forward to a more advanced and reliable way of functioning in the future. Do not wait to start and franchise your BIS hallmarking assaying business in India today.
