Page 28 - Bullion World Volume 4 Issue 7 January 2024

Bullion World | Volume 4 | Issue 7 | July 2024

The Future of Bullion Hallmarking

in India: An Overview

Mr James Jose, Managing Director of CGR Metalloys Pvt. Ltd.,

I am James Jose, Managing Director of CGR Metalloys
Pvt. Ltd., a BIS licensed gold refinery that has been
operational for the past 30 years. Additionally, I serve
on the Indian Standards Committee on Tech Precious
Metals and the Embedded Instructional Committee at
BIS, and I am a past secretary of the Association of
Gold Refinery Designers. My extensive experience in
the bullion industry spans various capacities, providing
me with unique insights into the ongoing changes in
hallmarking regulations.

The focus of this discussion is the proposed mandatory
hallmarking of bullion by the Indian government. This
initiative, expected to be introduced soon, is significant in
ensuring standardized quality and certified products for
the jewellery industry.
Jewellery hallmarking began 23 years ago, and since its
mandatory implementation in 2021, the government has Mr James Jose
included a new caratage: 24 K.S. 995 bullion. Currently,
995 bullion in artefact form can be hallmarked at BIS
licensed centres. There are three primary types of
bullion circulating in the market: hallmarked 995 bullion BIS Licensing Scheme
artefacts, hallmarked bullion bars from BIS licensed The licensing scheme for BIS licensed refineries, initiated
refiners, and good delivery bars imported from L.B.M.A. in 2015, now includes 50 gold refineries across India.
accredited refiners. This scheme assesses the technical competency and
production capabilities of gold refineries, ensuring they
To bring standardization to the bullion business and can produce 995 and 999 bullion using appropriate
ensure quality, the government has proposed mandatory methods. It also checks compliance with pollution control
hallmarking of bullion. This proposal has been in the norms set by the Central Pollution Control Board.
works for the past couple of years, and an advisory
committee in the consumer affairs ministry has been Gold refineries fall under the red category of the pollution
working on the SOP and guidelines, which are in the final control board due to their use of nitric acid and other
stages of preparation. chemicals. This classification necessitates strict location
The first phase of mandatory hallmarking will be criteria to prevent environmental harm. The BIS license
implemented for BIS licensed gold refiners, followed verifies that refineries have the necessary consent from
by other bullion in the country in subsequent phases. the pollution control board and the capability to produce
Imported bullion already certified to NPME standards will high-purity bullion. The India Good Delivery Standard,
also be considered. introduced in 2019, further specifies requirements for

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