National News
IBJA Urges BIS to Allow Jewellers to Self-Hallmark Silver Products Amid Rising Demand
Association cites high logistic costs and increasing consumer interest in silver jewellery; seeks reform in hallmarking rules to prevent fraud and make compliance feasible.
The India Bullion and Jewellers Association (IBJA) has urged the Bureau of Indian Standards (BIS) to permit mandatory self-hallmarking of silver products by jewellers, instead of relying solely on hallmarking centres. The association warned that current logistics and operational costs linked to hallmarking silver items could burden jewellers and eventually consumers.
In a letter dated July 18, IBJA’s national secretary Surendra Mehta highlighted the impracticality of transporting bulky silver artefacts like utensils, furniture, and idols to hallmarking centres, which could significantly raise operational costs. Smaller silver items such as jewellery and silverware, though lightweight and typically priced under Rs.3,000 could also become costlier due to hallmarking overheads.
“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,” Surendra Mehta wrote.
India currently has 1,622 hallmarking and assaying centres, but IBJA emphasized that these may be insufficient to handle the growing volume of silver products. The letter proposed a self-hallmarking system wherein jewellers assign a unique code to each silver item and include it in invoices, ensuring traceability and transparency.
IBJA also called for a review of the existing rules and penalties related to gold hallmarking, suggesting amendments that could apply similarly to silver.
With silver prices now retailing at Rs.14,252 per kg and rising consumer interest in silver jewellery over gold, concerns around authenticity and quality have increased.
“We have found that more and more consumers are now opting for silver jewellery and bypassing gold jewellery purchase. However, silver jewellery and artefacts hallmarking are not mandatory in nature and these leaves ample room for consumers to be cheated by jewellers,” the IBJA letter noted.
Chirag Sheth, principal consultant (South Asia) at Metals Focus, a London-based precious metals consultancy, echoed these concerns.
“Payal that women wear on their feet is the most sold silver jewellery product in India. They control 50% of the silver jewellery market that stood at 2,700 tonnes in 2024. It is well known in the industry circles that many a time jewellers use silver alloys in this product, which customers are unable to find out. So hallmarking is definitely required for silver items. Also, the demand for silver jewellery is increasing among the young crowd because of the affordability of the product and they are asking for hallmarking.”
Silver jewellery consumption in India has surged from 900 tonnes in 2010 to 2,700 tonnes in 2024, with the country heavily reliant on imports to meet this growing demand.
- Event marks 42 years of Incorporation and 16 years of Operations
- Recently-appointed Consul-General’s first visit to the Bourse helps strengthen a century-old bond
- Long service awards presented to outstanding employees
Bharat Diamond Bourse today marked 42 years of incorporation and 16 years since the commencement of operations at the BDB Complex in BKC with a special programme graced by H. E. Pierre Stverlynck – Consul General of Belgium in Mumbai as Chief Guest and a number of leading diamantaires.
The function was organised to celebrate the crucial roles played both by the visionaries who conceptualised the need for a centralised infrastructure to boost the diamond trade over four decades ago, and the employees who have run the daily operations in a highly efficient and professional manner.
In his Welcome Address, BDB Vice President, Mehul Shah explained the significance of celebrating twin milestones – 42 years of incorporation and 16 years of operations. He said:
“BDB began with a vision and is now the world’s largest operational bourse, and a symbol of India’s leadership in the diamond world and excellence in every aspect of operations.”
He added, “It is significant that the Consul General of Belgium is with us on this special occasion. Antwerp and Mumbai have a very close relationship, going back more than 100 years. Today the two cities have bonds based on trust, trade and friendship. We are committed to strengthening this bond over the next century as well.”
Congratulating the awardees he said that members may be the owners, but it is the staff who run the complex and have helped build it as the “best of the best” centres for diamonds. “Personal integrity combined with hi-tech surveillance have made BDB one of the safest places in the world,” he explained, and urged all present never to forget that “it is the soldiers who fight and win the wars.” Mr Shah offered compliments to all the awardees and congratulated Team BDB.
Speaking on the occasion, Anoop Mehta, President BDB, welcomed Mr Stverlynck who has recently assumed charge as Consul General of Belgium in Mumbai.
“We are sure that this will be the first of many visits to our Bourse,” he said, noting that the Consulate is the nearest neighbour of the complex.
“The BDB leadership has always enjoyed a very special relationship with the Belgian consulate,” he added, “built on the longstanding bonds between the diamond industry in our two countries.”
Mr Mehta said it was heartening that so many employees had remained loyal to the BDB for multiple years, and urged all gathered to reach out through their department heads to put forward suggestions for further changes and improvements
Mr Stverlynck, who was on his first visit to the Bourse after assuming charge as Consul General, said he was extremely impressed with the facilities available for exporters within the complex. Assuring the trade of cooperation and support, he said he was happy to be personally present to celebrate such a remarkable institution as BDB that has become a key pillar of the India diamond industry.
Congratulating the leadership for its role in steering the bourse, as well as those employees who had received long service awards, Mr. Stverlynck said:
“The consolidated knowledge and experience of so many from those at the top to a number of others who contributed in various ways, is an asset to the industry.”
Special long service awards were presented to employees who completed special milestones during the year. These included 30-year, 25-, 15-, 10- and 5-year service awards to a few employees.
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