Mandatory Hallmarking for Silver: India Prioritizes Consumer Protection Amid Rising Prices

• Government plans mandatory hallmarking for silver jewelry and artifacts to enhance consumer protection.
• Currently, silver hallmarking is voluntary, unlike gold which is already mandatory.
• BIS is evaluating regulatory framework, testing capacity, and lab network before implementation.
• The HUID system (six-digit alphanumeric code) is already mandatory for voluntarily hallmarked silver, ensuring purity and traceability.
• Rising silver prices and increased investor interest make purity and standardization critical; India is a major silver consumer.

Why It Matters: India eyes mandatory silver hallmarking to protect consumers and ensure purity amidst surging demand and prices.