The Bureau of Indian Standards (BIS) has introduced the Silver Refinery Certification Scheme, formally prioritising India’s domestic bullion sector. The scheme drew on critical inputs and efforts from the India Bullion and Jewellers Association (IBJA). Its framework creates a structured “India Good Delivery for Silver” standard, designed specifically for silver bars and coins.
A Silver Framework Modelled on Gold
The scheme mirrors the long-established certification ecosystem for gold. Under it, buyers, institutional investors and jewellers are assured of strict adherence to exact quality, testing and traceability standards. Silver from any BIS-approved refinery carries verified fineness and purity.
IBJA’s View on the Impure Bar Market
Surendra Mehta, National Secretary, IBJA, said BIS is introducing the scheme with critical inputs and efforts from IBJA. He noted that the framework mirrors the gold certification ecosystem and brings in a structured India Good Delivery for Silver. According to Mehta, silver from any BIS-approved refinery now ensures verified fineness and purity, and the move “will gradually end the impure silver bar market.”
Market Alignment and Strategic Impact
The Multi Commodity Exchange (MCX) has already aligned its exchange delivery protocols to accept BIS-standard domestic silver
This allows empanelled Indian refiners to fulfil physical delivery contracts directly on the exchange
The scheme formalises the local refining of silver, including silver recovered as a by-product of gold dore
It strengthens the domestic precious metals ecosystem, in line with Aatmanirbhar Bharat objectives
By bringing silver bars and coins under a BIS-backed good delivery standard, the scheme gives bullion buyers, investors and jewellers a more traceable, quality-assured domestic supply.