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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.

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.

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

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