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 artifacts following consumer demands. "There is a demand from consumers for hallmarking of silver. You (BIS) can deliberate and take a call," Joshi said at the 78th BIS Foundation Day event. The government currently mandates hallmarking only for gold jewellery and artifacts, aimed at protecting consumer interests and ensuring product authenticity. The existing hallmarking system includes a unique six-digit alphanumeric code (HUID), which certifies gold purity. The potential extension to silver hallmarking would mark a significant expansion of India's precious metals quality control measures.
BIS encourages consumers to verify the authenticity and purity of the hallmarked gold jewellery items with HUID numbers
The standards authority has also increased the number of referral labs from 4 to 7 in FY23
A large number of tour operators have dovetailed their itinerary with this event
The price of the gold depends on the karat which is a measurement of the purity of a piece of gold
There are two ways in which you can get your ornaments hallmarked in order to make them marketable
Industry wants relaxations to be notified at the earliest
The Centre on Monday said there was "no impact" of a nationwide strike called by a "very small section of jewellers" against gold hallmarking rules.
Analysts expect hallmarking, recovery to aid market share gains for the jewellery retailer
As on 31 December, 892 hallmarking centres have been approved by the BIS
Gold is the third-most popular investment choice, with 46% of all global retail investors choosing gold products - next only to saving accounts (78%) and life insurance (54%)
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