Hi, Jason,
Our products subject to specific gravity are cosmetics.
On the drug side, specific gravity has always been an important part of characterisation of a topical or transdermal delivery system. USP General Chapters: <841> is SPECIFIC GRAVITY for liquids. There are other FDA guidances on specific gravity requirements for topical drugs.
On the other hand, ASTM has several test methods on specific gravity for petroleum, types of commercial pastes but not specifically for topical cream and gel for human use. I have not looked into military standards yet.
It is a very simple test to characterise the mixture. You can use a "gourmet" apparatus or pycnometer, for a cheaper instrument solution but longer man-hour or a high-end density meter, expansive but happier lab technician. Either will be suitable for cosmetic GMP once it is calibrated.
However, I am interested in whether there is a STANDARD out there or we are just following the scientific principles to get the specific gravity results traceability to national or international standards.