17 Jun 2019
DiamondWorld Directory
Home |
News
Home
IBJA to launch first physical gold exchange by next year
The proposed physical gold exchange is expected to start with two to three delivery centres for gold and silver
By: Diamond World News Service
|
Dec 9 2015 9:23AM
|
Reference: 12379  

DecreaseIncrease

In order to bring transparency to gold trade in the country, India Bullion and Jewellers Association, an industry group consisting of gold traders and jewellers, is in constant touch with the ministry of finance to start a physical gold exchange. They are hoping to make it operational in the next six months. 

As Ketan Shroff, an IBJA spokesman told Reuters, "We are planning to launch the exchange in six months. Discussions are going on regarding its structure and ownership." 

It may be recalled that India consumes nearly 1,000 tonnes of gold every year. Indian households are believed to have stocked up over 22,000 tonne of gold, which the government has been trying to mobilise via the recently-launched schemes like Gold Monetisation. Setting up an exchange, which allows transparent trading, will be another step to encourage households to open up their gold vaults and it will help govt in a big way in its plan to get the gold out in open for fruitful use. 

The proposed physical gold exchange is expected to start with two to three delivery centres for gold and silver. This will certainly help the government to monitor gold trade. It may be recalled that India's economic affairs secretary Shaktikanta Das had floated the idea of setting up a national gold exchange earlier. 

As Kumar Jain, vice president of the Mumbai Jewellers Association, was quoted by Reuters, “There is a need for an exchange that will cater to small jewellers' demand. Sometimes we need to pay hefty premiums. That won't happen as demand-supply will become transparent on exchange platform."

Have Your Say
* Your view
* Name:
* Email:
* Town/city:
* Country/State:
Sort by: 
 Newest 
 | 
 | 
 | 
 Agree 
 | 
Antonio Mariscal
()
Sir/Madam,Do you need Financial Service like BG/SBLC MTN? Our Bank Instrument can be engage into Outright Discount. Feel free to write us as our terms and conditions are very reasonable. Email us so we can send you our Terms and procedure. broker.mariscal@gmail.com or Skype: broker.mariscal
Advertisement
M. Suresh234x60
Search News by City
Advertisement
Kosher 23460
Advertisement
HouseAd_Trade Fair
Recent Issue
2019
AVAILABLE NOW...!
Advertisement
Kosher 23460
News in Pictures
Videos
Stunning Jewellery from Cannes 2019
Pictures: 24
Sparkly Jewels at Oscars 2019
Pictures: 19
Golden Globes 2018
Pictures: 15
Spotted: Who Wore What (December 2018)
Pictures: 4
India Diamond Week
Pictures: 8
Spotted: Who Wore What (October 2018)
Pictures: 7
Spotted: Who Wore What (September 2018)
Pictures: 6
70th Emmy Awards
Pictures: 11
35th India International Jewellery Show 2018
Pictures: 46
Spotted: Who Wore What (August 2018)
Pictures: 4
JJS - IJ Jewellers Choice Design Awards 2015 powered by GIA
Views: 13914
GJEPC Chairman Interview
Views: 12778
IJ Jewellers Choice Design Awards 2012 - Part 1
Views: 19656
Promo for IJ Awards 2012 at NDTV Profit
Views: 32244
IJ Jewellers Choice Design Awards 2012- Part 2
Views: 35367
Couture India 2016 - A Business Boutique Show by IJ Magazine
Views: 10339
Savjibhai Dholakiya, Surat Businessman (Diamond Merchant) speaks in Vibrant 2015
Views: 33695
IJ Jewellers Choice Design Awards 2013 - NDTV Video
Views: 31787
Member of:
Supporter of: