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  1. Govt mulls mandatory hallmarking for silver; BIS to assess feasibility

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Govt mulls mandatory hallmarking for silver; BIS to assess feasibility

Upstox

2 min read | Updated on January 06, 2025, 17:39 IST

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SUMMARY

The Indian government is considering mandatory hallmarking for silver and silver artefacts to address growing consumer demand.

gold_silver_hallmarking

The government currently mandates hallmarking only for gold jewellery and artifacts, aimed at protecting consumer interests and ensuring product authenticity.

Responding to growing consumer demand, Union Food and Consumer Affairs Minister Pralhad Joshi on Monday said the government is considering mandatory hallmarking for silver and silver artefacts.

“There is a demand from consumers for hallmarking of silver. You [BIS] can deliberate and take a call,” Joshi said at the Bureau of Indian Standards’ (BIS) 78th Foundation Day event.

Currently, hallmarking is compulsory only for gold jewellery and artefacts, with a hallmark unique identification (HUID) code certifying gold purity. The potential extension to silver hallmarking would mark a significant expansion of India's precious metals quality control measures.

"I have asked BIS to work out feasibility and take reactions from consumers and ornament dealers. We will consult all stakeholders and start the process," the minister told reporters on the sidelines of the event.

BIS Director General Pramod Kumar Tiwari said that the Bureau could be ready to implement mandatory silver hallmarking within 3-6 months, adding that the stakeholder discussions were underway.

"Several rounds of discussions were held with stakeholders and they are in favour of it. The discussion on printing a unique six-digit alphanumeric code is going on," PTI quoted Tiwari as saying.

The proposal comes as BIS continues its rollout of hallmarking regulations for gold. In November 2024, the fourth phase of mandatory hallmarking extended coverage to 361 districts, following the addition of 18 districts with operational hallmarking centres. Since the initiative began in June 2021, over 40 crore gold items have been hallmarked, with daily hallmarking exceeding 400,000 pieces, according to government data.

The number of registered jewellers has surged more than fivefold, from 34,647 in 2021 to 194,039, while assaying and hallmarking centres have increased from 945 to 1,622 nationwide.

The BIS CARE mobile app, launched to boost consumer confidence, allows users to verify hallmarked gold items by entering the HUID number. It provides details on the jeweller’s registration, hallmarking centre, product type, and metal purity, and enables complaints about the quality or misuse of BIS marks.

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Upstox
Upstox News Desk is a team of journalists who passionately cover stock markets, economy, commodities, latest business trends, and personal finance.