Kalyan Jewellers And Other Jewellery Stocks Fall Up To 5% After The Hallmarking Fee Increased By 67%

Jewellers' stocks fell on 16 September 2026 after the Bureau of Indian Standards (BIS) increased the mandatory hallmarking charge. The BIS hallmarking fee for gold articles has been increased to ₹75 from ₹45, representing a 67% rise. The charge for silver articles remains unchanged at ₹35.

Shares of Kalyan Jewellers India Limited, PC Jeweller Limited, and Lalithaa Jewellery Mart Limited faced the decline. The revised fee takes effect ahead of the festive season and has raised concerns across the jewellery industry about the additional compliance cost.

Kalyan Jewellers share price closed at ₹580.90, down 3.86% on the National Stock Exchange (NSE). The stock opened at ₹606.90 and touched a high of ₹611.80.

PC Jeweller share price closed at ₹12.64, down 1.94%. Its previous close and opening price were both ₹12.89, while the high and low stood at ₹12.90 and ₹11.81, respectively.

Lalithaa Jewellery Mart share price closed at ₹305.65, down 4.99%. It opened, hit its high and low at ₹305.65. This newly listed stock had hit its 5% lower circuit.

BIS Sets Minimum Consignment Fees

The change was notified through the BIS (Hallmarking) Amendment Regulations, 2026, dated 14 September 2026. Under the amended Schedule IV, jewellers must pay ₹75 per gold article, with a minimum fee of ₹200 for each consignment.

For silver, the BIS hallmarking fee remains ₹35 per article, subject to a minimum charge of ₹150 per consignment. The fees are payable by jewellers to recognised Assaying and Hallmarking Centres (AHCs).

BIS hallmarking certifies the purity of precious metals used in jewellery. A hallmarked article carries the BIS logo, the karat or millesimal fineness and a six-digit alphanumeric Hallmark Unique Identification (HUID) number.

Jewellery Industry Seeks Review Of Higher Compliance Cost

The All India Gem and Jewellery Domestic Council (GJC) has asked the government and BIS to reconsider the fee increase and retain the earlier charge until stakeholder consultations are held.

GJC Chairman Rajesh Rokde said the focus should first be on tackling fake hallmarking, unauthorised operations and non-compliance rather than increasing costs for jewellers following the compliant process.

GJC Vice Chairman Avinash Gupta said rising compliance costs could widen the difference between formal and unauthorised channels. He also flagged concerns about aggressive discounting and commercial incentives linked to the race for hallmarking volumes.

Also Read - Jewellery Stocks Fall After BIS Raises Gold Hallmarking Fee By 67%