IBJA in talks with stakeholders for gold exchange

India Bullion and Jewellers Association (IBJA) is in talks with certain stakeholders to launch the country's first physical gold trading exchange next year.
"We are in talks with certain stakeholders and all concerned departments to launch country's first physical gold trading exchange. Discussions are going on regarding its structure and ownership," IBJA spokesman Ketan Shroff told PTI here.
IBJA is a group consisting of gold dealers, traders and jewellers across the country.
Last week, Economic Affairs Secretary Shaktikanta Das floated the idea of setting up a national gold exchange.
The gold trading exchange will allow jewellers, refiners, banks and consumers to trade physical gold and help in bringing transparency to the market for the precious metal for the consumers, the IBJA official said.

At present, the Multi Commodity Exchange (MCX) and National Commodity and Derivatives Exchange (NCDEX) offers gold futures contracts in the country, but there is no platform for physical trade for gold.
As per the World Gold Council's Q3 Gold Demand Trends report, India's gold demand during July-September period rose by 13 per cent 268.1 tonnes as compared to last year mainly due to softening of prices at the beginning of the quarter.