New Gold Coins Norms Coming Soon: Only BIS-approved mints allowed, jewellers may face restrictions

The government will soon unveil a new regulation covering gold coins, requiring that they be produced exclusively by Bureau of Indian Standards (BIS) approved mints. The intention is to standardise the manufacture of gold coins and prevent unauthorised minting. Jewellers will henceforth no longer produce gold coins of their preference. The move follows increasing gold prices, and consultations with stakeholders on the plan are to be concluded shortly.

Key highlights regarding the new regulations to be imposed on gold coins:

• Gold coins will be produced only from BIS-approved mints.
• Jewellers won't be allowed the liberty of making coins of their choice.
• This is a big step considering the rising price of gold.
• The government is weighing this proposal presently.
• Stakeholder consultations are expected to be completed shortly.

How can BIS certification benefit consumers?

Some consumers may face issues when buying gold coins without the BIS hallmark, as it can be difficult to verify their quality and authenticity. The absence of this mark may lead to uncertainty about the product.

The new government regulation seeks to bring this malpractice to an end by requiring gold coins to be minted only from BIS-approved refineries. With this action, gold coins sold in the market will have the necessary quality and purity standards.

How do shopkeepers trick people?

• Selling gold coins of poor quality without a BIS hallmark.
• Misrepresenting the quality and purity of gold coins
• Swindling huge amounts of money for low-quality gold coins
• Misleading consumers with spurious or imitation gold coins

Advantages of BIS-approved gold coins

• Guarantees the purity and quality of gold coins
• Rescues consumers from cheating and exploitation
• Enhances confidence in the gold market
• Encourages transparency and accountability by jewellers and shopkeepers

By making BIS-approved gold coins mandatory, the government seeks to protect consumer interests and introduce much-needed transparency into the gold market. Stakeholder consultations on the proposal are due to be finalized shortly, leading to a more regulated and reliable gold industry.

Also Read: Gold hallmarking made mandatory for 9 carat jewellery