Silver Hallmarking May Soon Be Mandatory: Minister Prahlad Joshi

The government is working with the stakeholders to make hallmarking mandatory for silver, said Prahlad Joshi, Minister of Consumer Affairs, Food and Public Distribution & New and Renewable Energy.

“Currently, hallmarking for silver is voluntary. After seeing that the consumer losses have significantly reduced for gold due to mandatory hallmarking, people have been demanding it for silver also. We have already started working on it and we will consult the stakeholders on this,” he said.

The industry too is in favour of bringing in mandatory hallmarking. However, it finds that this is not bereft of challenges.

“We are in favour of mandatory hallmarking for silver. As the silver prices have gone up, we want customers not to be cheated,” said Surendra Mehta, national secretary, India Bullion and Jewellers Association. IBJA has also constituted a World Silver Council.

“Unlike gold, there are a few challenges with regard to silver. There are large articles like heavy utensils, idols and furniture made of silver. Carrying them to hallmarking centres and assaying them can be cumbersome. On the other hand, tiny articles like rings, toe rings and nose studs are too small and adding assaying charges will make them costlier,” he said.

IBJA wants mandatory hallmarking to be introduced in a phased manner. “First, jewellery and articles above 100 gms should be brought under hallmarking and it should be extended to smaller denominations later,” he said. However, the traders want it to be introduced in rural areas simultaneously as these markets face the maximum losses due to lack of purity standards.

The country usually imports around 6000 tonnes of silver on a yearly basis, though in 2024 imports crossed the quantum as early as September. Almost 40 per cent goes towards industrial purposes and the rest is consumed as jewellery, artefacts, utensils and other articles.