Mumbai, the commercial capital of India is one of the largest consumers of silver. This metal has a special shine here owing to multiple outlets selling silver to a large population in this city. Silver has a history here as in olden days all the dealings used to be done primarily in silver and gold. This metal's trade has always flourished here since centuries as it is one of most important port cities of India. Silver rates here are affected by various factors and are quite dynamic in nature.
Although this city has adopted silver as style and art, but physical silver in form of silverware, jewellery and ornaments are still the famous choice among people of Mumbai. Apart from having numerous local dealers and stores expanding people's option for purchasing silver, this city is one of the largest players of country's silver industry.
Silver bullions are also famous options here as it offers silver in the purest form and cheapest rate compared to products like jewellery, artefacts etc. because of the workmanship costs included in them. This shiny white metal is bought frequently by Indians in form of jewellery and articles for various occasions like weddings, religious ceremonies (in form of puja articles) and it also quite popular as a gifting article.
Sometimes jewellers sell silver coins at current rate with lesser pure metal content resulting in customers losing money over bad quality product bought. Here is where buying hallmarked silver can help.
What is hallmarking?
Hallmarking determines and records the accurate level of pure precious metal present in metals like gold, silver and platinum. Thus, hallmarked metals are guaranteed pure and fine metals. It is a technique adopted to safeguard customers from fraud sellers and dealers selling them poor quality metal for unreasonable prices.
Hallmarking silver in India
BIS was formed as a statutory organisation under the Bureau of Indian Standards Act, 1986 and launched hallmarking scheme in 2005. This organisation is responsible for certification, standardization and quality of silver. It issues Hallmark licences to silver dealers and sellers to sell hallmarked silver artefacts and jewelleries.