Survey Shows Nearly One-Third of Indian Consumers Have Been Duped in Silver Purchases, Calls for Mandatory Hallmarking

(1) According to a LocalCircles survey, nearly one-third (31%) of Indian consumers who purchased silver products in the past five years were deceived, and 23% of those victims reported being deceived multiple times. The survey covered 311 regions and collected over 38,000 responses.(2) Driven by the relative price advantage of silver over gold, fashion trends, and investment appeal, India's silver demand is expected to grow by 18%-22% by 2026. However, the hallmarking system for silver products is currently voluntary, and 93% of respondents support the implementation of mandatory hallmarking to ensure purity.(3) Silver prices have risen sharply (trading at 170,000 to 190,000 rupees per kilogram in 2026), and the lack of a mandatory framework exposes consumers to risks, especially during key purchasing seasons such as Akshaya Tritiya. In contrast to gold, where compulsory hallmarking has already been implemented, the report suggests extending similar regulations to silver to enhance market confidence.