Silver Hallmarking May Soon Be Mandatory Like Gold As Prices Hit Record Highs
India may soon extend its well-established gold hallmarking system to silver as record-high prices and rising demand prompt tighter quality checks. According to a MC report citing a Bureau of Indian Standards (BIS) official, hallmarking of silver could be made mandatory to strengthen consumer protection and prevent the sale of fake or adulterated jewellery and artefacts.
Why Mandatory Hallmarking Is Being Considered
With silver prices soaring both globally and domestically, authorities are increasingly focused on ensuring purity and transparency in the market. Mandatory hallmarking would help buyers verify authenticity and reduce the risk of fraud, especially at a time when silver is emerging as a preferred investment and industrial metal.
If the proposal moves forward, silver hallmarking would follow the same model currently used for gold.
Current Hallmarking System Explained
At present, silver hallmarking in India is voluntary. Hallmarked silver items carry a Hallmark Unique Identification (HUID) number, which allows consumers to check purity and track product details through the BIS database.
Consumers can also get their silver jewellery or samples tested at BIS-recognised Assaying and Hallmarking Centres. These centres conduct purity testing for common consumers on a chargeable basis and give such requests priority.
Growing Interest In Certified Silver
The report highlights a sharp rise in interest for certified silver products, with over 20 lakh silver articles already hallmarked. This reflects growing consumer awareness and demand for verified purity, particularly as prices climb to record levels.
Global Price Rally Drives Focus On Purity
Silver has witnessed a strong price rally over the past year due to multiple factors, including demand-supply shortages, rising industrial usage, and increased demand linked to the global AI and technology boom. International silver prices have surged by more than 170 per cent in the last one year.
In the global spot market, silver was trading at around $80 per ounce on January 7, outperforming several other asset classes by a wide margin.
India’s Massive Silver Demand
India is among the world’s largest consumers of silver, with annual demand estimated between 5,000 and 7,000 tonnes. Domestic production meets only a fraction of this demand, making imports crucial.
Jewellery and silverware account for a significant share of consumption, alongside expanding industrial applications.
No Fixed Timeline Yet
Despite the growing momentum, there is no confirmed timeline for making silver hallmarking mandatory. The BIS is expected to hold consultations with industry stakeholders before finalising any decision or implementation plan, the report added.
Disclaimer: This article is based on publicly available information only. Readers should rely on official notifications for confirmation.
Why Mandatory Hallmarking Is Being Considered
With silver prices soaring both globally and domestically, authorities are increasingly focused on ensuring purity and transparency in the market. Mandatory hallmarking would help buyers verify authenticity and reduce the risk of fraud, especially at a time when silver is emerging as a preferred investment and industrial metal.
If the proposal moves forward, silver hallmarking would follow the same model currently used for gold.
Current Hallmarking System Explained
At present, silver hallmarking in India is voluntary. Hallmarked silver items carry a Hallmark Unique Identification (HUID) number, which allows consumers to check purity and track product details through the BIS database.
Consumers can also get their silver jewellery or samples tested at BIS-recognised Assaying and Hallmarking Centres. These centres conduct purity testing for common consumers on a chargeable basis and give such requests priority.
Growing Interest In Certified Silver
The report highlights a sharp rise in interest for certified silver products, with over 20 lakh silver articles already hallmarked. This reflects growing consumer awareness and demand for verified purity, particularly as prices climb to record levels.
Global Price Rally Drives Focus On Purity
Silver has witnessed a strong price rally over the past year due to multiple factors, including demand-supply shortages, rising industrial usage, and increased demand linked to the global AI and technology boom. International silver prices have surged by more than 170 per cent in the last one year.
In the global spot market, silver was trading at around $80 per ounce on January 7, outperforming several other asset classes by a wide margin.
India’s Massive Silver Demand
India is among the world’s largest consumers of silver, with annual demand estimated between 5,000 and 7,000 tonnes. Domestic production meets only a fraction of this demand, making imports crucial.
Jewellery and silverware account for a significant share of consumption, alongside expanding industrial applications.
No Fixed Timeline Yet
Despite the growing momentum, there is no confirmed timeline for making silver hallmarking mandatory. The BIS is expected to hold consultations with industry stakeholders before finalising any decision or implementation plan, the report added.
Disclaimer: This article is based on publicly available information only. Readers should rely on official notifications for confirmation.
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