Page 28 - Bullion World Volume 4 Issue 7 January 2024_Neat
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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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