Page 27 - Bullion World Volume 3 Issue 10 October 2023
P. 27

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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