New rule on sale of Gold from 1 April 2023

Regulation Alert for Investors and Sellers of Gold

India is obsessed with gold and gold is purchased not only for regular use but also for investment. Most of the time gold is purchased in India in form of Bars, coins and jewellery.

From 1 April 2023, A major change has been introduced in the selling of gold. For the safeguard of consumers, from now onwards only hallmarked gold jewellery with a six-digit alphanumeric hallmark unique identification will be allowed to be sold to consumers.

This means that now, without six digit HUID, gold jewellery cannot be sold in the market

What is HUID?

HUID number is a six-digit alphanumeric code consisting of numbers and letters, it is assigned separately to each and every item of jewellery

The need for HUID has arisen because lots of fraud is going on in this industry and this HUID code will help buyer to trace jewellery back to the seller and opt for appropriate remedies. Before this HUID six-digit code,  four marks were used on gold jewellery which includes the BIS logo etc

What will happen to my old jewellery?

It has been clarified that old jewellery lying with customers with old regulations and hallmarks will remain valid.