The Bureau of Indian Standards (BIS) has now been tasked with deciding whether they need to implement mandatory hallmarking for silver. Consumer affairs minister of India, Prahlad Joshi, addressed the issue during the 78th BIS Foundation Day event on Monday.
"There is a demand from consumers for hallmarking of silver," said Joshi, asking the consumer affairs watchdog organisation to "deliberate and take a call".
A BIS hallmark of silver would signify that the piece of jewellery met the purity standards specified by the Bureau of Indian Standards.
For gold, this is currently in place with the unique six-digit alphanumeric code (HUID), BIS logo, purity (916 for 22-carat gold), the mark of the hallmarking centre, and the year of marking.
Hallmarking in gold was made mandatory in India back in June 2021, with BIS-certified hallmarking centres that certify the purity of gold sold in the market. Now, it is illegal to sell gold pieces of jewellery without the BIS mark in the country.
Introduced with the sole intent of preventing fraudulent activity in gold sales thereby protecting customers and total available reserves of gold, hallmarking of the precious metal ushered in an era of purity assurance, standardisation of quality, and legal compliance.
If silver comes under hallmarking, it will improve the trust and credibility that gold now commands in the market. The pricing would also be more transparent, and it would facilitate easier and better resale value for the metal.
