IBJA, IIBS: The India Bullion & Jewellers Association (IBJA) hosted its annual event, the India International Bullion Summit (IIBS-9), in Mumbai on March 28th and 29th, 2024. With over 800 attendees, including bullion dealers and jewellers, the summit provided a platform for industry players to convene and discuss pertinent issues.
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Shri Utpal Sheth, CEO of RARE Enterprises, graced the occasion as the Chief Guest, emphasizing IBJA’s pivotal role in fostering transparency within the gold industry during his opening address. He encouraged jewellers to explore avenues such as equity markets for fundraising and enhancing brand visibility.
Panel discussions delved into various topics, including the future of the gold supply chain, the impact of Free Trade Agreements on refiners, integration of Bullion Delivery Receipts (BDR) to Electronic Gold Receipts (EGR), and the regulatory landscape governing the industry.
Panel discussions delved into various topics, including the future of the gold supply chain, the impact of Free Trade Agreements on refiners, integration of Bullion Delivery Receipts (BDR) to Electronic Gold Receipts (EGR), and the regulatory landscape governing the industry.
Distinguished speakers, such as Mr. Somasundaram PR from the World Gold Council, Mr. Suvankar Sen from Senco Gold & Diamond, and Mr. Vipin Raina from MMTC – PAMP, shared valuable insights during the conference. Additionally, industry awards recognized excellence across different segments.
Conversations also revolved around initiatives like the proposed Gold Exchange and government mandates for hallmarking, with some jewellers expressing concerns regarding the classification of gold as an asset class amidst regulatory changes.
IBJA outlined plans for awareness campaigns aimed at promoting international and domestic bullion exchanges, educating jewellers through seminars and roundtable conferences. Initiatives like the Golden Girl Award for women entrepreneurs and skill development programs for artisans were also announced.
The summit featured thought-provoking discussions on regulatory frameworks and the evolving perception of the gold industry in the corporate world. Representatives from the World Gold Council shed light on global demand trends and market developments, emphasizing the significance of integrating BDR to EGR for the industry’s future.
Prithviraj Kothari, National President of IBJA, reiterated the association’s commitment to enhancing industry standards and transparency. Overall, the event served as a catalyst for collaboration and innovation within the bullion and jewellery sector.
