The India Bullion and Jewellers Association has formed the World Silver Council to set quality standard and make representation with the Union government on policy issues.

The Association plans to invite global silver miners, traders, refiners, processors and jewellery manufacturers to be part of the council.

“Currently proper representation of the industry with the Government is missing as players are scattered. We would not launch any membership drive from silver players nor would IBJA initiate any fee collection for the Council’s membership,” said Mohit Kamboj, President, IBJA.

The major objective of the World Silver Council would be to protect the interest of retail consumers, industrial users and silver producers.

While a third of global silver production is used for industrial purpose, India imports over 7,000 tonnes annually.

Since there are no uniform silver standard, the resale price of jewellery is valued at only about 40-50 per cent of the prevailing silver price.

The World Silver Council will come out with a uniform standard for silver jewellery and artifacts in India, said IBJA.

IBJA also launched Skill Development Council and First Step Foundation. While skill council will protect workers and their family interest, the First Step Foundation would focus on the CSR-Welfare of the industry.

The jewellers’ body recently signed an agreement with the BSE to start a bullion exchange. The expansion of IBJA Board and its membership drive will help in setting up the bullion exchange, Kamboj added.

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