Recently, Business Secretary-UK, Peter Kyle, has announced that the British Hallmarking Council (BHC) will be abolished and its functions consolidated alongside wider product regulation functions, as part of the government’s blitz on business bureaucracy.
Kyle said, “Where we identify regulators that are doubling up, stepping on each other’s toes, or out of touch with the realities of the modern economy, we will streamline them. Where their role is redundant, we will end them. Not ‘one-in, one-out’ but ‘no role, no regulator’. It’s as simple as that. As proof of my commitment, today I am announcing the abolition of the British Hallmarking Council, with its functions transferring into my department.”
It is understood there is no immediate impact to the Council’s operations. Commenting on the announcement, Will Evans, Director of the London Assay Office, one of the four UK Assay Offices responsible for hallmarking in the UK, said, “Anything sold in the UK made of gold, silver, platinum, or palladium must be tested and hallmarked by law.
We recognise and value the important work the British Hallmarking Council (BHC) has undertaken over more than fifty years to oversee the UK’s hallmarking system. As the government explores options to legislate, the key priority must be to protect and preserve hallmarking – a world-leading system of consumer protection that has safeguarded trust in the trade for nearly 700 years.
The integrity of the hallmarking regime is paramount. It is more important than ever that consumers can trust that what they purchase has been independently verified, especially as gold and silver prices reach record highs. Hallmarking is the only mechanism we have in the UK to hold traders to account and protect consumers.”
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