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Hallmarking and standardization reforms for gold, silver announced

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Plans to include gold bullion under mandatory hallmarking.

Hon’ble Union Minister of Consumer Affairs, Food and Public Distribution & New and Renewable Energy  Pralhad Joshi chaired the 9th Governing Council Meeting of the Bureau of Indian Standards (BIS), reaffirming the vital role of standardisation in driving India’s economic growth and global competitiveness.

During his presidential address, the Union Minister said BIS has brought 371 districts in the country under mandatory hallmarking scheme of jewellery thereby, providing quality assurance to consumers. He directed that more districts be also added in the coming year. He laid special emphasis on making industry and other stakeholders more aware of BIS initiatives.

He also stressed upon the importance of Indian standards for various products and services and appreciated the milestone achievements of BIS with formulation of 23798 Indian standards across sectors.

 Key announcements included:

•          Phased rollout of mandatory hallmarking for gold jewellery and artefacts.

•          Plans to include gold bullion under mandatory hallmarking.

•          Initiatives to standardize silver jewellery.

•          Major expansion of Indian quality standards across sectors.

•          Substantial investment to upgrade BIS testing infrastructure

The Minister stressed the need for greater awareness among industry and other stakeholders about BIS initiatives. Enhanced awareness is crucial for ensuring compliance, fostering trust, and encouraging voluntary adoption of standards beyond mandatory requirements.

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National News

Gold & Precious Metals – A future outlook

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The session saw a power packed panel of experts that comprisedSurendra Mehta, National Secretary-  IBJA,Ranjith Singh,Head of Business Development, IIBX, Shweta Dhanak, Director – Vijay Exports,S Thirupathi Rajan, MD Goldsmith Academy, Shivanshu Mehta, SVP & Head Bullion-MCX.The session was moderated by Chirag Seth, Principal Consultant, Metals Focus.

Some salient points made by the panelists:

  • Gold prices are not linked to consumer demand. They are linked to central bank buying and ETFs
  • Till the banking system doesn’t collapse, gold price will continue to rise
  • Jewellers were advised to use a mix of futures and options for risk mitigation
  • Given the current situation manufacturers selling on credit or unfavorable deals could be fatal flaw for business.
  • Precious metals forecast: Surendra Mehta said he sees gold in 2026 in $4900-5100 range and silver in $90-105.Looking further he said by 2030-2035 gold could touch $18000- 20000 and silver could reach $500. Chirag Seth predicted silver touching $105 this year and gold moving in the $ 5200- $ 5500.

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