Silver News

Silver Hallmarking Planned for India

The Bureau of Indian Standards is firming up plans to introduce silver hallmarking by year’s end. The BIS has 11 centers throughout the country that hallmark gold, and they will be upgraded to hallmark silver in the form of coins, trophies, silverware and other items.

Hallmarking will help eliminate smuggling as well as increase consumer interest in silver, because buyers will be assured of purity. This initiative should be in place ahead of a planned gold souk mall expected to open next year outside Delhi, which also will carry silver items. Modeled after the gold souk in Dubai, reputed to the world’s largest gold bazaar, the Delhi souk hopes to draw consumers to the 70-store complex by assuring the quality of precious metals and gems.

The annual fee for certification is expected to be about US$500.

Silver News - Fourth Quarter 2002