Food and Consumer Affairs Minister Pralhad Joshi on Monday said the Bureau of Indian Standards (BIS) should consider imposing mandatory hallmarking for silver and silver artefacts following demand from consumers. Speaking at the 78th BIS Foundation Day function, Joshi said that there is demand from consumers for hallmarking of silver. According to PTI news, the minister said that you (BIS) can deliberate and take decisions.
At present hallmarking is mandatory only on gold
According to the news, the government currently makes hallmarking mandatory only for gold jewelery and artefacts, the aim of which is to protect consumer interests and ensure the authenticity of the product. The existing hallmarking system involves a unique six-digit alphanumeric code, which certifies the purity of gold. The potential expansion of silver hallmarking would mark a significant expansion of India’s precious metals quality control measures.
silver futures price
On Monday, silver prices fell by Rs 103 to Rs 89,118 per kg as participants reduced their bets. On the Multi Commodity Exchange (MCX), silver contracts for March delivery fell by Rs 103, or 0.12 per cent, to Rs 89,118 per kg with a turnover of 31,304 lots. Analysts said selling by market participants at current levels mainly weighed on silver prices. Globally, silver was trading 0.35 percent lower at $29.51 an ounce in New York.
Hallmarking of gold was expanded
About a year ago, the government had expanded the hallmarking of gold and implemented the third phase in 55 new districts of 16 states and one union territory. Gold hallmarking is a certification of the purity of the precious metal and was voluntary in nature until June 16, 2021, when the government decided to implement mandatory gold hallmarking in a phased manner. 256 districts were included in the first phase starting on June 23, 2021, while 32 more districts were included in the second phase starting on April 4, 2022.
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