The India Bullion and Jewellers Association may receive ‘Gold Council’ status with the Prime Minister’s Office sending a representation to this effect to the Ministry of Trade and Commerce.
The Gold Council status will make IBJA an apex body and enable it to represent the industry with the Government on policy issues. Suresh Jain, President, IBJA, said that the Association had made representation to the Prime Minister for the Gold Council recognition and the PM Office had written a letter to the Ministry of Trade and Commerce on February 25 recommending that it accord the status on IBJA.
The Reserve Bank of India (RBI) has already given the Council status to IBJA, he said.
The Association started in 1948 as Bombay Bullion Association was rechristened as IBJA last year to include members from across the country and various segment of the industry. Headquartered in Mumbai, the association has five broad regions covering north, south, east, west and central.
Surendra Mehta, secretary, IBJA, said after getting the Gold Council status, all gold traders in the country need to get associated with the Association and put in joint effort for development of the industry.