Silver hallmarking: IBJA bats for self hallmarking to control costs

Kolkata: Hallmarking of silver is fine but there should be self-hallmarking, IBJA (India Bullion & Jewellers Association) authorities have argued. The reason, it will help reduce cost by a great deal if the silverware is not carried to the hallmarking centres, the industry body has reasoned. Else, IBJA has said the cost will be passed on to the customers who have to pay a huge price sine much of silverware if bulky and heavy.

Incidentally, silver is going through a bull run and has outshone gold. The metal is enjoying rising demand from all quarters -- industry, household sector for silverware and jewellery and from investors (both in the physical and dematerialised forms).

The thought jewellers themselves carrying out self hallmarking of silver items was expressed in a letter that IBJA shot off to BIS (Bureau of Indian Standards), reports have stated. Surendra Mehta, the national secretary of IBJA wrote, "To carry out hallmarking of these small items may be expensive affair for jeweller and consumer as well. Further hallmarking agency may not be able to handle so much volume of small silver items/jewellery." The top industry body has written that jewellers can assign a unique code for every piece. They can mention code in the invoice which will help the customer keep a record which can be checked if needed by anybody.

BIS is the organisation responsible for standardisation and implementing the hallmark certification of gold and other precious metals. There are 1,622 hallmarking and assaying centres in India. 

IBJA authorities have said that unlike gold items silver items are far more bulky and will need high transportation costs. Utensils, idols and even furniture are made of silver in India and moving them is both an expensive and risky proposition.

Significantly, the demand for silver jewellery has surged following the price of gold reaching dizzying heights -- pre-GST spot prices of 24 carat have exceeded Rs 10,000 a gram -- the demand for silver jewellery has risen in the country. According to industry veterans the sale of silver jewellery in the country has jumped from 900 tonnes in 2010 to 2,700 tonne in 2024. This is increasing the onus on the authorities to make hallmarking mandatory since otherwise it leaves the field open for dishonest jewellers to cheat consumers with cheaper alloys.