Govt considering hallmarking scheme for silver products

Government is considering introduction of a for silver items to ensure quality control and better regulation of the trade, a senior government official said Monday.

Hallmarking is a certification by designated agencies that bullion items contain the quantum of gold and silver as claimed by the manufacturer. Currently, a voluntary hallmarking scheme is operational for gold jewellery.

"We are considering launching the hallmarking scheme for silver items as has been done for gold. But for it to begin, the requisite infrastructure has to be first in place", Consumer Affairs Secretary Lalit Mansingh told Crisil MarketWire.

He said the scheme will be introduced as soon as there are adequate number of assaying and certification centres for testing the items.

Mansingh said the subject was under the purview of an expert committee which was looking into the veracity of hallmarking for precious metals including gold and silver.

He said such a scheme could even be considered for other precious metals like platinum but the current focus was on gold items in whose trade it is estimated that overvaluation runs into thousands of crores.

Jewellers across the country have been found to charge customers for a specified quantum of gold but its actual content in the jewellery sold is much lesser.

There may be cases of white metals being passed off as silver but the problem of wrong valuation is much more acute in case of gold items, he said.

"As and when the hallmarking scheme is introduced for silver it has to focus on wares rather than jewellery. Problem of lower than claimed content is more in case of silverwares," Director General, Bureau of Indian Standards, Nirmal Singh said.

He said before the scheme is implemented, there was a need to spread awareness among the consumers about the issues involved.

Only then would they opt for hallmarked silver items and help make it successful when it is launched