Bullion dealers’ body IBJA might get recognition as Gold Council

Mumbai headquartered bullion dealers’ body India Bullion and Jewellers Association (IBJA) formerly known as Bombay Bullion Association (BBA) may get recognition as ‘Gold Council’ from the Ministry of Commerce.

On February 25, the Prime Minister’s Office sent a recommendation to the Ministry of Commerce to consider IBJA’s recognition as ‘Gold Council’ and involve the city -based body in decision making processes with regard to gold.

IBJA is a body of over 1,000 bullion dealers including importers, banks, NBFCs and distributors, who accumulatively import gold worth around Rs 300,000 crore annually in India. Bullion dealers currently raise their concerns only through jewellers.

‘Gold council status will help us raise our causes with the government and get them resolved,’ said Surendra Mehta, secretary, IBJA.

The PMO’s recommendation was based on the request by IBJA. By getting the status of Gold Council, IBJA will become an apex benchmark association in the country. The PMO had also said that, the recommendations of the industry will be given top priority in the steps that would be taken in respect of the industry.

IBJA is the only body recognized by the Reserve Bank of India to disseminate gold price everyday which is considered as the benchmark for assessing import consignments.