Jewellery Stocks Slide Up to 5% After BIS Raises Gold Hallmarking Fee by 67%

Jewellery stocks came under selling pressure on September 16 after the Bureau of Indian Standards (BIS) raised the hallmarking charge on gold articles by nearly 67%, increasing the fee to ₹75 per article from ₹45. 

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Kalyan Jewellers India and PC Jeweller fell around 4-5% during the session, while recently listed Lalithaa Jewellery Mart touched its 5% lower circuit. 

The decline followed a revision in hallmarking charges notified by BIS just ahead of the festive season, a period that typically brings greater attention to the jewellery market. 

Gold hallmarking charge rises to ₹75 per article 

Under the revised structure, jewellers will now pay ₹75 for hallmarking each gold article, compared with ₹45 earlier. The new rate translates into an increase of nearly 67%. 

The change was notified through the BIS (Hallmarking) Amendment Regulations, 2026, dated September 14, and has come into effect immediately. 

While the charge for gold has been increased, the fee for silver remains unchanged at ₹35 per article. 

The amended Schedule IV also sets minimum charges for consignments. For gold articles, the minimum is ₹200 per consignment, while silver carries a minimum charge of ₹150. 

These payments are made by jewellers to recognised Assaying and Hallmarking Centres. 

Why hallmarking matters for jewellery 

Hallmarking is used to verify the purity of precious metals used in jewellery. Articles certified under the BIS system carry three key identifiers the BIS logo, the karat or millesimal fineness of the metal, and a six-digit alphanumeric Hallmark Unique Identification, or HUID, number. 

The latest revision changes the cost attached to this mandatory process for gold articles without altering the corresponding per-article charge for silver. 

Jewellery industry seeks review of the increase 

The All India Gem and Jewellery Domestic Council (GJC) has raised concerns over the scale of the revision and has sought an immediate review by the government and BIS. 

The industry body has asked for the earlier ₹45 charge to be retained until consultations with stakeholders are completed. 

Its concerns centre on the additional compliance cost for jewellers, particularly at a time when hallmarking volumes have expanded. The council has also called for greater attention to fake hallmarking, unauthorised operations and other instances of non-compliance. 

Concerns have additionally been raised over aggressive discounting and commercial incentives linked to competition for hallmarking volumes. 

For the listed jewellery space, the fee revision drew an immediate market reaction on September 16, with Kalyan Jewellers, PC Jeweller and Lalithaa Jewellery Mart among the stocks that moved lower after the revised charges came into effect.