Bullion trade panels on self-regulation, spot exchange

The technical committee for the good delivery rules is expected to give its paper within 90 days

The country’s bullion industry is moving in the direction of self-regulation, it appears.

Three committees have been formed — one for a gold trade code, another for good delivery rules and a third for a spot exchange.

A meeting was held in this city on Thursday. There were representatives from business chambers, the World Gold Council, banks, the Indian Bullion and Jewellers Association (Ibja), and the India Gold Policy Centre at IIM-Ahmedabad. It was decided to prepare a paper on ‘India good delivery rules for gold and silver bars’, said Ibja. A committee has been formed to formulate rules in this regard,