Survey Reveals Consumer Concerns Over Silver Purchases in India Ahead of Akshay Tritiya 2026
Akshay Tritiya 2026: 31% Indians feel cheated buying silver; 93% back mandatory hallmarking, reveal survey
MintImage: Mint
A recent survey by LocalCircles indicates that 31% of Indian consumers feel cheated when buying silver, while 93% support mandatory hallmarking to ensure quality. As silver demand is projected to rise by 18-22% in 2026, the findings highlight the need for stronger consumer protection measures in the silver market.
- 0131% of consumers report feeling cheated when buying silver items.
- 0293% of respondents support mandatory hallmarking for silver products.
- 03Silver demand is projected to increase by 18-22% in 2026.
- 04Silver prices are expected to range between ₹1.7 lakh and ₹1.9 lakh per kg in 2026.
- 05The Bureau of Indian Standards has expanded hallmarking facilities significantly.
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A survey conducted by LocalCircles reveals that 31% of Indian consumers who purchased silver items in the last five years feel cheated, prompting a call for mandatory hallmarking to ensure product purity. The survey, which included 19,235 respondents, found that an overwhelming 93% support this measure, citing concerns over quality and authenticity. As the festival of Akshay Tritiya approaches, silver demand is expected to surge, with projections indicating an 18-22% year-on-year increase in 2026. This rise is attributed to silver's affordability compared to gold, its growing popularity in fashion, and heightened awareness of certified purity through hallmarking. Silver prices are anticipated to be between ₹1.7 lakh and ₹1.9 lakh per kg in 2026, raising financial risks for buyers. To address these concerns, consumers can utilize the BIS Care mobile app to verify details like purity level and hallmarking date for silver jewellery hallmarked after September 2025. The hallmarking ecosystem has expanded significantly, with over 300 Assaying and Hallmarking Centres across 110 districts, enhancing accessibility and consumer protection.
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The findings highlight the need for stronger consumer protection measures in the silver market, which could lead to increased trust and security for buyers.
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