Page 27 - Bullion World Volume 3 Issue 10 October 2023
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Bullion World | Volume 3 | Issue 10 | October 2023
"IBJA: Pioneering 104 Years of Excellence
in India's Bullion and Jewellery Industry"
Mr Surendra Mehta, National Secretary, IBJA
India Bullion and Jewellers Association popularity known as IBJA is now
104-year-old association, formed for the benefit of bullion and jewellery
industry.
IBJA is the only Reserve Bank of IBJA also has set up its office in
India recognized Association in India Dubai as an offshore business
that can provide 30 days “Open and facilitation centre for the benefit of
Closing Market Rates” to Commercial jewellers. IBJA has set up unique
Banks, all Urban Cooperative Banks project called “Jewellers Connect” at
and NBFC for purpose of lending the facilitation centre where in Indian
against Gold Jewellery against its jewellers can export jewellery to 20
various circulars, RBI has issued countries through Dubai gateway.
various notification in this regard. Mr Surendra Mehta
IBJA’S other initiative includes
Our daily declared rates are “Yellow Revolution” where IBJA plans
benchmark for issue of Sovereign to monetize gold through various
Gold Bond issued by the Ministry jewellers and in turn issue Electronic
of Finance. For the first time in the Gold Receipt (EGR) for the same.
history of Indian Economy, IBJA’s These EGR will be traded on the
daily closing prices have been kept commodity exchange. This will save
as the bench mark price for issue country’s import bill and reduce
of Gold Bond. Not only this, these Current Account Deficit (CAD). • India International Bullion
bond shall also be redeemed at the Yellow revolution project has been Summitt (IIBS)
prices declared by IBJA. The Finance designed considering the fact that • IBJA’S exclusive Silver Show
Ministry and RBI have issued various gold demand will continue to rise in
notification / circulars in this behalf. India with rising population, IBJA is also setting up domestic
bullion exchange in India for bringing
Apart from various domestic initiative, IBJA’S other domestic venture more transparency to the trade.
IBJA is now setting up bullion refinery mainly include:
in Gift City Ahmedabad. The refinery • Setting up of Gems and Jewellery IBJA will continue to ensure that
will enable import of gold dore at zero Park in 87 acres in Mumbai, India shine of gold remains forever in India
duty. Refined gold produced in the • IBJA’S unique B2B Zaveri Bazar and hence has signed a responsibility
said refinery can be exported through festival and sustainability standard document
India International Bullion Exchange • IBJA’S B2C promotion scheme with LBMA and WGC.
(IIBX) set up in Gift city itself. The for jewellers
refined gold can also be moved from • Artisan Upliftment Programme
Gift city to domestic area by paying • Golden Girl Award for women
requisite duty and taxes. The land for entrepreneur
the project is already sanctioned by • Jeweller of the month award for
Gift city and construction of refinery CSR initiative by bullion dealers
will start soon. and jewellers
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