India's silver market hit by purity crisis as refiners push BIS for mandatory hallmarking
With annual silver demand near 7,000 tonnes and investment buying surging, refiners warn that bars, coins and jewellery are routinely adulterated with prohibited metals. Assaying infrastructure trails gold sharply—1,595 hallmarking centres for gold versus 286 equipped for silver. MCX, BSE and NSE are moving to list certified 999-purity silver bars.
Indian silver market is flooded with impure bars, coins and jewellery containing prohibited metals. Refiners urge BIS to enforce mandatory silver hallmarking and licensing, as assaying infrastructure lags gold. MCX, BSE, NSE plan certified silver bars on commodity platforms.
Why this matters
BIS is widening its purity-enforcement remit, following moves to restrict 'diamond' to natural stones and pilot DNA testing for buffalo meat exports. Silver hallmarking would extend the gold model to a 7,000-tonne market.
Retail-company signals steady at 1,167 over the last 90 days, indicating sustained regulatory and brand activity.