Counterfeit silver bars flood Indian markets; refiners push BIS for mandatory hallmarking
Adulterated silver bars and coins laced with nickel, cadmium and lead are spreading across Jaipur, Agra, Salem, Rajkot, Kolhapur and Cuttack as prices rally. Refiners want BIS to enforce mandatory silver hallmarking and refiner licensing by Sept 2025; MCX, BSE and NSE plan quality-certified silver bars on exchanges.
What happened
Bureau of Indian Standards (BIS) · Indian silver market faces counterfeit surge with bars and coins containing nickel, cadmium and lead. Refiners urge BIS to
Key facts
- 7,000 tonnes annual silver consumption
- 286 silver assaying centres
- 1,595 gold centres
- 800-850 tonnes gold consumption
- 50%+ silver as utensils/worship items
- hallmarking mandatory Sept 2025
Why this matters
The 5.6x gap between gold and silver assaying centres signals an urgent rollup opportunity in silver testing infrastructure and refiner licensing ahead of the September 2025 BIS deadline.