Food and Consumer Affairs Minister Pralhad Joshi on Monday said the Bureau of Indian Standards (BIS) should consider implementing mandatory hallmarking for silver and silver artefacts following demand from consumers. Speaking at the 78th BIS Foundation Day function, Joshi said there is a demand from consumers for hallmarking of silver. "You (BIS) can discuss and take decisions," the minister said, according to a PTI report.

At present hallmarking is mandatory only on gold

According to the report, the government currently mandates hallmarking only for gold jewellery and artefacts, with the aim of protecting consumer interests and ensuring product authenticity. The current hallmarking system involves a unique six-digit alphanumeric code that certifies the purity of gold. The potential expansion of silver hallmarking will be a significant expansion of India's quality control measures for precious metals.

silver futures price

Silver prices on Monday fell by Rs 103 to Rs 89,118 per kg as participants reduced their bets. On the Multi Commodity Exchange (MCX), the price of silver contracts for March delivery fell by Rs 103, or 0.12 per cent, to Rs 89,118 per kg in a business turnover of 31,304 lots. Analysts said selling by market participants at current levels mainly impacted silver prices. Globally, silver was trading 0.35 per cent lower at $29.51 per ounce in New York.

Gold hallmarking was extended

The government had expanded the third phase of gold hallmarking about a year ago by implementing it in 55 new districts across 16 states and one union territory. Gold hallmarking is a certification of the purity of the precious metal and was voluntary in nature till June 16, 2021, when the government decided to implement mandatory gold hallmarking in a phased manner. The first phase, launched on June 23, 2021, covered 256 districts, while the second phase, starting from April 4, 2022, added 32 more districts.