The BIS hallmark is a hallmarking system for gold as well as silver jewellery sold in India certifying the purity of the metal. It certifies that the piece of jewellery conforms to a set of standards laid by the Bureau of Indian Standards, the national standards organization of India. 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. The annual gold imports are around 50 billion US$ next only to crude oil imports widening the trade deficit.