India International Bullion Summit (IIBS-8) was held in Mumbai on 27th & 28th March, 2023
India Bullion & Jewellers Association’s (IBJA) annual event i.e. India International Bullion Summit (IIBS-8) was held in Mumbai on 27th & 28th March, 2023. More than 800 Bullion dealers & Jewellers attended this event.
Chief Guest for the Event was Mr. Rahul Narwekar- Speaker of Maharashtra Legislative Assembly. During his inaugural speech, he informed the members the importance of role played by IBJA in bringing transparency to the gold industry.
Guest of honour Shri Motial Oswal stated about the importance of international gold spot exchange and domestic gold spot exchange for growth of the industry. He stated that regulated exchanges creates confidence amongst the investor.
The panel discussion included topics like Role of Bankers in Bullion & Jewellery Industry, Issues in Bullion Refining Industry, Digital Gold V/S ETF V/S EGR, Pride of India- Indian Jewellery Manufacturers and Craftsmanship, Five Trillion economy Through Retail jewellery Giants, Gold & Silver View 2023 and Repercussion of Tax Laws on Gold Industry was also discussed.
Speakers for the conference included eminent personalities like Mr. Somasundaram PR- Regional CEO, India-World Gold Council, Mr. Suvankar Sen - MD & CEO-Senco Gold & Diamond, Dr. B. Govindan- Chairman- Bhima Jewellery, Mr. Ba. Ramesh - Joint Managing Director & Co- Founder- Thangamayil Jewellery Limited and Mr. Dileep Narayanan- Malabar Gold Pvt. Ltd.
The event was also followed by 36 industry related Awards for the best in best of the industry. Lot of enthusiasm was seen in modus Operandi of proposed Gold Exchange & Govt. plans to make mandatory hallmarking. Some of the Jewellers expressed their concern on how gold will be made asset class as they foresee that PMLA have been implemented.
IBJA plans to start awareness campaign for International & domestic Bullion Exchange in the entire country by educating the jewellers through various small seminar & round table conference informed Surendra Mehta, National Secretary of India Bullion & Jewellers Association (IBJA).
IBJA announced its 87-acre Gems & Jewellery park- gold craft which include Amenities and support activities including training institutes, research centre, exhibition and convention centre, residences, hostel, schools and hospitals. It will also provide low-cost housing accommodation to various workers, thereby improving their quality of life.
IBJA has also launched Golden Girl Award for upcoming & promising women entrepreneur. IBJA also working on Jewellers awareness campaign in the entire country by educating the jewellers through various Webinar and seminar. IBJA will soon be launching innovative programme to boost skills of karigars. IBJA is also setting up World Class Bullion refinery at Gift City, Gujrat.
The Most interesting discussion was in respect of tax repercussion on gold industry and how the corporate world look at gold industry.
Mr. Juan Carlos Artigas of World Gold Council explained The Global Demand Trend 2022 and Gold Outlook for 2023.
Mr. Somasundaram PR of World Gold Council explained how Electronic Gold Receipt (EGR) is a way formed for the industry. Panellist also discussed the role of retails chain store in achieving 5 trillion economy.
Mr. Prithviraj Kothari- National President -India Bullion and Jewellers Association Ltd. Stated that IBJA will continue to work for the benefit of industry bringing transparency to the entire trade.