Personal Finance

Gold with HUID Tag to be Sold Now from Apr 1, ’23

A Hallmark Unique Identification (HUID) code will be mandatory for the purchase of gold from April 1, 2023, onwards. HUID is a six-digit alphanumeric code comprising numbers and letters.

This means that gold jewellery items with five marks and without a HUID code will not be allowed to be sold after March 31, 2023.

Earlier, a Bureau of Indian Standards (BIS) Hallmark on gold jewellery comprised five marks that included the BIS logo, a symbol to showcase the fineness and purity grade of particular jewellery, logo of the jeweller, Assaying and Hallmarking Centre and year of marking denoted by a code letter as decided by BIS.

So, apart from the BIS Hallmark, a six-digit alphanumeric HUID code will also be embossed on the gold jewellery now. 

The six-digit HUID code was introduced on July 1, 2021.  So, after March 31, 2023, the sale of gold jewellery articles with only a six-digit HUID code will be allowed. 

This code is provided on every jewellery item during the process of hallmarking. This remains a unique identifier for every gold item. The jewellery is stamped manually with a unique number at the Assaying and Hallmarking Centre.

A HUID code not just assures the quality of the product but also makes the process of tracing individual pieces relatively easy. 

As an individual, it is necessary to check the Hallmark on gold jewellery before making the purchase. A recognised entity by the BIS is authorised to affix it, which guarantees the quality of the product. 

However, the hallmarked jewellery articles lying with an individual will continue to hold validity.

Share

Recent Posts

Mutual Funds: SIP Inflows Breach Rs 19,000-Crore Mark for the First Time in February ’24

The systematic investment plan (SIP) contribution in February 2024 has crossed a new milestone. The monthly contribution tipped at Rs…

10 months ago

Income-Tax Return: A Brief Note on Annual Information Statement (AIS)

The Income-Tax (I-T) Department has directed taxpayers to access the Annual Information Statement (AIS) via the e-filing official portal and…

10 months ago

Mutual Funds: All About SIP and Market Fluctuations

Considering the vagaries of the stock market, investors often ponder over reevaluating their strategies. Whether to continue to remain invested…

10 months ago

Income-Tax Saving Through Strategic Life Insurance Planning

Financial planning is beyond just investing wisely to save on taxes; it's also related to protecting oneself and one's loved…

10 months ago

Income-Tax Return: Here’s a Note on Tax-Saving Avenues

A salaried individual earning up to Rs 5-15 lakh as net salary on an annual basis must first take stock…

10 months ago

A Quick Take on Equity-Linked Savings Scheme

Equity-linked savings schemes (ELSS), also referred to as tax-saving schemes, are equity funds that invest a significant portion of their…

10 months ago