India stands as the second leading market of precious metals like Gold and its jewelry. At present the country is already importing more than 1000+ tonnes of this precious metal globally with negligible production locally. The imports of this metal annually is around US $ 50 billion and this is only next to the imports of crude oil which is responsible for the widening of the trade deficit.India is the second biggest market for gold and its jewelry.
The BIS hallmarking is a standardized system meant for the precious metal products like Gold and silver being sold within the country. It serves as the certification mark for the metal’s purity.
So, it certifies the metal’s purity. So, any metal piece will be conforming to the predefined standards being illustrated by the BIS, under NSO( National Standards Organization of India). In this blog let’s find out what exactly this scheme is all about and how to register Hallmark?
Explanation of BIS Hallmarking Scheme
The BIS Hallmark system has its alignment with Globalized standards of hallmarking. This type of registration is given to all the gold metal jewelers under BIS Hallmark Scheme. All the jewelry shop owners who will be getting their items hallmarked from the Assaying as well as hallmarking centers recognized from BIS authority. The BIS hallmarking is the standardization system that certifies the gold/silver metal purity standards. It provides certification that each & every jewelry item is adhering to the specific set of standards that have been illustrated by the BIS, an organization holding national standards within the country. Why BIS hallmarking standard is needed?
The BIS authority is certifying jewelers in India to get their offers hallmarked from any of the Assaying & Hallmarking centers ( recognized by BIS). The main objective of this Hallmark Registration is to protect the consumers against becoming victims of irregular quality gold metal jewelry.
What are aids of BIS hallmark certification?
The BIS certification serves as the shield barrier for protecting the penalties, fines, and anything that could be imposed on sellers for not seeking product certification. This type of hallmark licensing also provides proof of licensing that the gold jewellery has already been tested along with getting certifications, according to the prescribed product standards. The Hallmark Registration will also impart a sense of security along with safety to all the consumers, thereby assuring that it can be accepted conveniently. It is extending competitive edge to the jewelers over their competitors Also, there can be convenient acceptance within the market as the jewelry product has already been tested as well as certified. This BIS hallmarking confirms to highest quality standards Extends highly convenient access to the market. What paperwork needs to be filed while applying for Hallmarking?
Documents required for getting registered under BIS are:
MOA( Memorandum of Article or partnership deed) Receipt of property tax( last one) or ownership of property/ rental property papers Location Map Sales Tax or copy of VAT registration Pan copy or Copy of income tax returns( last two years’ papers) Details of items for which certification is applied for How to apply for BIS hallmark registration?
Get application form I from the BIS governmental agency. Make sure to fill out the application and file it with the form with the INR1000/- as a fee for registration. Also, file documentation for verification of the address of the manufacturing facility for which the hallmark is applied. Registration certification copy from concerned authorities, state or local, or can also be obtained from CA( Chartered Accountant), in case you are applying as a small-scale industrial unit. Procedure flow chart which provides coverage to distinct procedures ranging from production of raw material to finished goods. Also, comprehensive list of the machinery, specifying the name of every unit Comprehensive detailing of the manufacturing procedures, anything which is outsourced along with agreement copy. There must also be the testing facilities list and this must include all details like testing equipment name, range, least count, test equipment accuracy, calibration status as well as quantity. Calibration certification copies of testing machinery with validity holding for a minimum of 3 months from filing your application. Consent letter signed from a recognized laboratory Test reports or test certifications from suppliers copy for each & every of the raw material In-house or independent test report copy for all items that adhere to the requirements, that have been laid down by the Indian Standard. Under the condition when the application acquires a signatory from the concerned authority there is also the need for the authorization letter from the Chief executive officer of authorized signatory. Inspection
Within 15 days of the Hallmark Registration application, the concerned authority will be visiting the manufacturing unit of the applicant, performing a quality check of equipment & other material utilized, everything according to Indian standards.
Once the Registration is approved. This will be intimated to the Applicant after which the Applicant should pay the registration fees within fourteen days. The registration fees are as follows:
If any correction is needed within the form, then BIS authority will inform the applicant. So, make sure to make all the required corrections within the time deadline of 18 days from the date of notifying you.
Fee slab for hallmark registration
Above Rs.100 crores
Rs.80,000/- per branch
RS 25 crores – 100 Crores
Rs 40,000 for each branch
Above Rs.5 crores to Rs.25 crores
Rs.15,000/ for every branch
Less than Rs.5 crores
Rs.7,500/- per branch
Hallmark certification acts as mark of product purity
The BIS hallmarking for gold & silver jewelry is important not solely for buyers but even for all sellers. As it safeguards consumers & sellers against any sort of fraudulent activities. Hallmarking serves as the mark of a product’s purity. Now, acquiring hallmark certification has been made mandatory for the sellers with regard to some specific exemptions.