India Bullion and Jewellers Association (IBJA) plans to launch an apex body for silver in the first week of January. It has obtained the in-principle approval from the corporate affairs for the same. The new body, World Silver Council, will have representation from the domestic and global silver miners, refiners, traders and users, said a senior official with IBJA. The Council will also seek membership from domestic and global silver players and it plans to seek ‘council’ status from the government. Currently, there is no such council for the silver sector in India.
IBJA is also set to hold election to its board by dissolving the existing one in January. The new governing board of IBJA will have four representatives each from retailers and jewellery manufacturers; three from bullion merchants; two each from Central government and loose diamond segment; and one each from refiners, colour stone and silver article/jewellery players.
To have a fair representation from the entire jewellery sector across the country, IBJA will re-constitute its board with a national president, two vice-presidents along with other office bearers.
“The reconstitution of its board would have fair representation of the entire jewellery sector,” said Mohit Kamboj, president, IBJA.
To cater to the need of workers, IBJA proposes to set up a workers’ committee wherein vice-presidents from each zone will be selected along with 20 associate directors for this committee.
IBJA also plans to expand its global footprints with its offices in Europe, Africa and the West Asia. The jewellers’ body had recently signed an agreement with the BSE to start a bullion exchange. The expansion of IBJA board and its membership drive will help in setting up the bullion exchange, Kamboj added.
The Association is in process of setting up a 500-acre IBJA Knowledge Park for the gems & jewellery fraternity.