Akshay Tritiya 2026: 31% Indians feel cheated buying silver; 93% back mandatory hallmarking, reveal survey

Nearly one in three consumers in India report being cheated when buying silver items, with a large majority urging the government to mandate hallmarking, reflecting rising concerns about quality and consumer protection in the segment. According to a survey by LocalCircles, 31% of respondents who purchased silver jewellery or articles in the past five years said they had been duped, while 93% backed compulsory hallmarking to guarantee purity and authenticity.

The findings come at a time when silver demand is rising sharply, especially ahead of Akshaya Tritiya, a festival traditionally linked to buying precious metal, when customers typically purchase silver items such as coins.

In 2026, demand for silver jewellery and household use is projected to rise by around 18–22% year-on-year, driven by its affordability compared to gold, growing popularity in fashion, and increased awareness about certified purity through hallmarking. At the same time, rising investor interest in silver as a commodity and a hedge against inflation is also shaping demand trends and influencing price dynamics.

What else did the survey find?

Given that nearly three in ten respondents reported being cheated over the past five years, the survey asked whether the government should introduce mandatory hallmarking for all silver items.

Out of 19,235 respondents, 93% supported the move, saying it would ensure purity and quality, while 5% felt it could raise product costs and 2% believed it was unnecessary. Overall, the findings show that a strong majority, 93% of household consumers surveyed, favour compulsory hallmarking for silver products.

In 2026, silver prices are expected to hover between ₹1.7 lakh and ₹1.9 lakh per kg, with demand expected to grow by 18–22% year-on-year. As both prices and demand rise, the financial risk for buyers increases, underscoring the need for stronger quality assurance measures.

However, consumers can now verify key details, such as article type, purity level, hallmarking date, testing centre information, and jeweller registration number, using the BIS Care mobile app. This facility applies to all silver jewellery hallmarked after 1 September 2025 and has seen wider adoption in 2026 as awareness has grown.

The updated standard defines seven purity grades, 800, 835, 925, 958, 970, 990, and 999, with 958 and 999 newly introduced to match evolving consumer and industry preferences. Each hallmark includes three elements, i.e., the BIS Standard Mark with the word “SILVER,” the purity grade, and a unique HUID code.

By 2026, the hallmarking ecosystem under the Bureau of Indian Standards has expanded significantly, with more than 300 recognised Assaying and Hallmarking Centres for silver operating across over 110 districts, improving accessibility compared to 2025.