BIS is set to introduce Silver Refinery Certification Scheme, marking a significant step towards strengthening India's quality ecosystem for precious metals. The proposed initiative aims to establish a robust certification framework for silver refineries, ensuring the production of high quality silver bullion and coins while promoting transparency, traceability, and consumer confidence.

BIS currently operates a voluntary Gold Refinery Scheme, introduced in 2015 under the Gold Monetisation Scheme of the Ministry of Finance. As of date, there are 68 BIS Licensed Gold refineries in India. Building on its success, BIS initiated discussions to extend a similar framework to silver refineries. During a stakeholder consultation held on 4 June 2026, representatives from industry, laboratories, and other stakeholders supported the introduction of a BIS Certification Scheme for silver bullion bars and coins.

The proposed scheme complements the existing regulatory framework under the BIS (Hallmarking) Regulations, 2018, which provides for the hallmarking of gold and silver bullion and coins produced by BIS licensed refineries and mints. To allow this ecosystem, IS 2112:2025 introduced provisions for hallmarking silver bullion and silver coins of 999, 999.5 and 999.9 fineness grades.

To ensure the successful implementation of the scheme, BIS has prepared a comprehensive action plan covering technical, regulatory, and digital aspects.

The major initiatives include:
Strengthening testing infrastructure by developing facilities at BIS Referral Assay Laboratories (RALs) for assaying high purity silver using various testing methods such as Gravimetric Method, SPARK OES, ICP OES.

Preparing the certification framework, including the Scheme of Inspection and Testing (SIT) and operational guidelines for silver refineries.

Reviewing relevant Indian Standards, including IS 2112:2025 and IS 17278:2019, based on recommendations received during stakeholder consultations.

Developing Silver Refinery Module on the Manakonline portal to enable online application processing, licensing, renewals, surveillance, fee payments.

The Silver Refinery Certification Scheme represents another milestone in BIS's efforts to strengthen India's quality infrastructure. By establishing a structured certification mechanism for silver refineries, the scheme will encourage best practices in refining, ensure consistent quality of silver products, facilitate transparent trade and reinforce confidence among manufacturers, traders, and consumers. It also reflects BIS's continued commitment to supporting a credible, efficient, and globally aligned precious metals ecosystem through standardisation and conformity assessment.

Courtesy: AOJ DESK NEWS