The Bureau of Indian Standards (BIS) has officially prioritized the domestic bullion sector by introducing the Silver Refinery Certification Scheme, that involved critical inputs and efforts by IBJA.

Mirroring the long-established certification ecosystem for gold, this framework introduces a structured “India Good Delivery for Silver” standard specifically tailored for silver bars and coins.

Buyers, institutional investors, and jewelers are guaranteed strict adherence to exact quality, testing, and traceability standards. Silver from any BIS-approved refinery ensures a verified fineness and purity.

Surendra Mehta, National Secretary- IBJA, said:

“BIS is introducing the Silver Refinery Certification Scheme, an initiative that involved critical inputs and efforts by IBJA. Mirroring the long-established certification ecosystem for gold, this framework introduces a structured India Good Delivery for Silver. Now, silver from any BIS-approved refinery ensures a verified fineness and purity. This will gradually end the impure silver bar market.”

Market structures have already evolved alongside this rollout. The Multi Commodity Exchange (MCX) aligned its exchange delivery protocols to accept BIS-standard domestic silver, allowing empanelled Indian refiners to fulfill physical delivery contracts directly on the exchange.

By formalizing the local refining of silver (including silver recovered as a by-product of gold dore), this scheme strengthens the domestic precious metals ecosystem in line with Aatmanirbhar Bharat objectives