Silver Hallmarking May Soon Be Mandatory Like Gold Amid Soaring Prices: Report

• India considers making silver hallmarking mandatory, similar to gold, to ensure purity and protect consumers, as per a Moneycontrol report citing BIS.
• The move aims to combat the sale of forged silver jewellery and artifacts, strengthening consumer trust and trackability through HUID numbers.
• Silver prices have surged over 170% in the past year, driven by demand-supply shortages, rising industrial demand, and the AI boom.
• India is a major silver consumer (5,000-7,000 tonnes annually), with jewellery and silverware accounting for significant consumption, but domestic production is low.
• While discussions with industry stakeholders are ongoing, there is no set timeline for the mandatory implementation of silver hallmarking.

Why It Matters: Mandatory silver hallmarking in India is likely to enhance consumer protection amid record prices.