IBJA launches 'World Silver Council' to benefit consumers

India Bullion Jewellery Association Ltd (IBJA) today announced the launch of 'World Silver Council' that will help in ending ambiguity and malpractices in trading by following a benchmark standard for the precious metal, thus benefiting consumers.
"We have taken a major step to give the due recognition to silver by setting up World Silver Council. With representation from both domestic and global and silver miners, refiners, traders and users, we hope to get 'council' status to this body from the government," IBJA president Mohit Kamboj said in a statement here.
India is the biggest consumer of silver and is likely to end up importing a staggering 9,000 tonnes in 2015 which is nearly 1/3rd of the world's silver production.

Although silver is consumed widely by every segment of our society in the country, be it in jewellery, electrical equipment and industrial fabrication and demand from all these segments in growing significantly year-by-year.
Besides, there are no rules governing any practices in the trade, refining and procurement.
With the World Silver Council in place, it is expected that malpractices in this segment will be curtailed, benefiting the consumers.

The setting up of World Silver Council will bring in rules and regulations in terms of product standard and other practices, Kamboj said.
He further pointed out that IBJA is committed to enhance skill development of workers, who number around 45 lakh comprising skilled goldsmiths, artisans and non-skilled workforce currently engaged in making retail ornaments from every conceivable gem and precious metal.

IBJA also announced two other initiatives - first step foundation that is committed to fulfill its corporate social responsibility and skill development that would help in enhancing the skills of the Karigars in the industry.