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9th edition of INDIA INTERNATIONAL BULLION SUMMIT concludes on a high note

IIBS explored emerging market dynamics, regulatory developments, investment strategies in bullion sector

The 9th edition of INDIA INTERNATIONAL BULLION SUMMIT, India Bullion & Jewellers Association’s (IBJA) annual event was held on 28-29 March 2024 in Mumbai.


The formal inauguration was conducted by Chief Guest Utpal Sheth, CEO- RaRe Enterprise in the presence of Prithviraj Kothari, National President - IBJA, PR Somasundaram, Regional CEO,India-WGC, Ashish Kumar Chauhan, MD & CEO - NSE, Samit Guha- Chief Financial & Technology officer- MMTC PAMP, Saiyam Mehra, Chairman -GJC, Vipul Shah, Chairman- GJEPC, Pramod Agarwal- Chairman - NGJCI. IIBS was presented by WGC and organized by IBJA.


 IIBS is aimed at increasing interaction and opportunities between the top market leaders from the world of bullion and jewellery trade, precious metal mining and refining industry, central and bullion banks, commodity exchanges, logistics and transportation, media analysts and top government bureaucrats.


With a focus on exploring emerging market dynamics, regulatory developments, technological advancements, and investment strategies in the bullion sector, IIBS-9 offered valuable insights and perspectives to all attendees.


Utpal Sheth, in his inaugural speech, underscored the importance of the role played by IBJA in bringing transparency to the gold industry. He also request the jewellers to come forward and create wealth through equity market and create brand awareness.


The panel discussions included topics like Future of Gold Supply Chain Bank V/s Qualified Jewellers V/s Refinery, FTA Boon or Burden for Refiners, Integration of BDR to EGR, Listing on Exchanges and Available Financial Tools for Gems & Jewellery Sector, Gold Outlook and Regulation Governing Gold Industry.


Speakers for the conference included eminent personalities like  Somasundaram PR- Regional CEO, India-World Gold Council,  Suvankar Sen - MD & CEO-Senco Gold & Diamond,  Vipin Raina-President Bullion Sales and Trading - MMTC – PAMP,  Ashok Gautam-MD & CEO- India International Bullion Exchange IFSC Ltd (IIBX),  Sudheesh Nambiath-Manager, Precious Metals, DMCC,  Sriram Krishnan - Chief Business Development Officer-National Stock Exchange of India Ltd (NSE).


The most interesting discussion was in respect of regulation governing gold industry and how the corporate world looks at gold industry.


Louise Street-Senior Markets Analyst of World Gold Council explained overview of global gold demand. Andrew Naylor-Head of Middle East and Public Policy of World Gold Council explained developments in Middle East gold market.


PR Somasundaram introduced to the audience a game changing initiative - the Self Regulation Organisation SRO for the gold Industry. He said best practices and ethics are scattered across jewellery companies, trade bodies etc. Now is the time to consolidate and synergize them. India is leading this initiative and will take it global.


Prithviraj Kothari stated that IBJA will continue to work for the benefit of industry bringing transparency to the entire trade.


The event was also followed by Bullion and Jewellery Awards for the best in best of the industry; 27 awards were given out to achievers. IBJA held the Golden Girl Awards recognizing and honoring women entrepreneurs.


Lot of enthusiasm was seen in modus operandi of proposed Gold Exchange and government plans to implement mandatory hallmarking. Some of the jewellers expressed their concern on how gold will be made asset class as they foresee that PMLA have been implemented.


IBJA plans to start awareness campaign for international and domestic Bullion Exchange in the entire country by educating the jewellers through various seminars and round table conferences.


IBJA will share the view on why BDR is operational in GIFT City through IIBX but EGR not yet operational in domestic exchanges.


IBJA is also working on Jewellers awareness campaign in the entire country by educating the jewellers through various webinars and seminars. IBJA will soon be launching innovative programmes to boost skills of karigars. IBJA is also setting up world class bullion refinery at Gift City, Gujarat. IBJA is also honouring jewellers for their CSR activity.

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