India is the second biggest market for gold and its jewellery.

India imports in excess of 1000 tons annually (including unofficially smuggled gold) with negligible local production.

[4] The BIS system of hallmarking of gold jewellery began in April 2000.

[5] BIS hallmark for gold jewelry consists of several components: BIS introduced hallmarking for silver jewelry in December 2005 under IS 2112, the standard specification for 'Hallmarking of Silver Jewellery/Artefacts'.

These are private undertakings approved as well as monitored by the BIS.