Page 20 - Bullion World Volume 02 Issue 08 August 2022

Bullion World | Volume 2 | Issue 08 | August 2022
IGC 2022 COVERAGE
(b) IBJA Jewellers Connect and Buyer Bazaar are our
flagship B2B programmes for the jewellery sector.
Inaugural function: (c) IBJA Jewellery and Knowledge Park are being
launched on August 5, 2022. It will come up on 87
acres of land in Navi Mumbai (opp. Juhinagar station),
with a state-of-the-art manufacturing facility and
120,000 ft convention centre. It will also house a skill
development centre for the gem and jewellery sector.

Opening up the mining sector and setting up a
bullion bank are much-needed reforms. These are
in alignment with the ‘Vocal for Local’ and ‘Make in
India’ programmes of the government. IBJA can bring
overseas investors into the mining sector.
IBJA membership has shown strong growth, thanks to
state presidents and their efforts. I take this opportunity
to offer 200 platinum memberships by invitation in IBJA
Mr Prithviraj Kothari, National President, India
Bullion & Jewellers Association (IBJA): In 2022, to industry participants. IBJA platinum members will
Gold prices got support from the ongoing conflict in hold a 30% equity stake in the proposed NSE-IBJA
Russia and Ukraine, the trade restrictions on Russia spot gold exchange being set up with a capital base of
and the increase in prices of all major commodities Rs. 125 cr.
- crude oil, natural gas, copper, grains, edible oils,
etc., leading to record high inflation. We believe high The future growth of the industry depends on
inflation will remain for at least one more year. The transparency from the industry and commitment from
price of gold is caught between high inflation and the government.
recession.

As India celebrates its 75th year of independence, we
also want independence from the import of gold. The
government of India is taking various initiatives towards
this. We at IBJA are supporting the government on
all its initiatives. The government wants transparency,
and the industry wants ease of doing business. IBJA
proposed two model institutions to Niti Aayog and
other bodies. One was IIBX and the other was the
domestic spot gold exchange (DSGE). IIBX will bring
complete transparency to the way India imports gold.
Honourable PM Shri Narendra Modi inaugurated IIBX
yesterday. DSGE is a game-changer. EGR is a one- Mr Vikas Singh, MD & CEO, MMTC PAMP India Pvt
of-a-kind product that converts gold into security Limited:
for perpetuity. EGR is a reversible product, provides At MMTC-PAMP, we see a very different world today.
a robust settlement system, deliverable at multiple Paradigms have changed radically. Inflation rates in
delivery centres, facilitates goods recycling, promotes the US and the UK have surpassed India’s inflation. It
greater integration with the financial market and changes the way India sees the world and the world
assures delivery of certified goods. It would also give a sees India. To top it all, India is the fastest growing
fillip to GMS going forward. economy in the world. While stagflation is tearing the
world apart, India has been navigating it well so far.
A few major initiatives of IBJA: (a) We plan to open The strong government at the centre is striving to
IBJA Stores in every district of India. It's our goal to place India firmly on the global map. FTA with UAE is a
have 3500 stores across India over the next decade. new development for the bullion sector and hopefully,

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