With Diwali around the corner, gold purchases are set to take centre stage as Indians prepare for Dhanteras, an auspicious occasion to buy the precious metal. Many families set aside money throughout the year for the annual purchase, as gold is traditionally associated with prosperity, wealth and good fortune.
With gold in high demand, counterfeit products have also become a growing concern. Many buyers fall victim to scams, purchasing fake or lower-purity gold from sellers offering attractive discounts and deals.
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To protect investors from these scams, the government has introduced a centralized mechanism to verify all gold purchases.
BIS Hallmark
The BIS Hallmark is a certification issued by the Bureau of Indian Standards (BIS) that assures the purity of gold jewellery.
Every gold jewellery, if authentic, will contain these details:
- BIS logo
- Purity grade (such as 22K916)
- Six-digit Hallmark Unique Identification (HUID) number
These details are usually engraved in every gold jewellery and need to be looked at using a magnifying glass. Before making any purchases, you must ensure the engravings are present.
How To Verify The Jewellery
Further, every HUID number can be traced using the government's BIS Care app. It is a random, unique alphanumeric code assigned to every individual piece of jewellery.
On the app, buyers can input the HUID number and check details such as:
- Purity and fineness of the gold
- Type of jewellery or article
- Name and location of the registered jeweller
Purity details help you understand if the jewellery is made with 14-karat gold, 18-karat or 22-karat, which can influence the price. If these details do not appear on the app or it says that the HUID number is invalid, it likely means that the jewellery is not what the seller is advertising it to be. Buyers can also check the list of BIS registered/certified jewellers, which is available on the BIS website.
By being aware of these rules, buyers can protect themselves from potential financial frauds.
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