OVERVIEW OF INDIAN BULLION AND JEWELLERY ASSOCIATION … · 2014-10-30 · Mr. Devendra Pant, Chief...

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OVERVIEW OF INDIAN BULLION AND JEWELLERY ASSOCIATION (IBJA)’S 3MEGA EVENTS – BULLION SUMMIT, AWARDS & FASHION SHOW & AN

EXCLUSIVE INTERVIEW WITH MR. MOHIT KAMBOJ

Indian Bullion and Jewellery Association (IBJA), which is considered the Apex association for all bullion andjewellery associations in India and commemorates its 66th Foundation Day this year, held three mega eventsbetween the 4th and 5th of October 2014, at Hotel Sahara Star in Mumbai. The events included: (1) IndiaInternational Bullion Summit 2014 (IIBS); (2) India Bullion and Jewellery Awards 2014 (IBJA Awards); (3) IndiaBullion and Jewellery Fashion Show 2014 (IBJA Fashion Show).

India International Bullion Summit (IIBS 2014) – 2nd Edition

The India International Bullion Summit is an initiative to bring the vast International Bullion and Jewellery Industrytogether to explore all possible avenues of cooperation. The 2014 edition covered five panel discussions, someproduct launches, presentations by prominent international and national personalities, focus-group discussionson education, e-tailing, mobile applications, etc, networking luncheons, high-teas, cocktails and dinners. Thefocus was to discuss large and small concerns of industry stakeholders, identify solutions and put into place anAction Plan.

Speaking to the press before the event, then President of IBJA, Mr. Mohit Kamboj, who has revitalised IBJA with anumber of new initiatives, (Mr. Kamboj has just stepped down as President, and Mr. Suresh Jain, Director, RoyalChains Pvt. Ltd. is now President) said, “I’m confident about the fact that with the intense support of ourmarketing professionals, the second IIBS is going to be a grand success. The expected attendance of over 2000national and international delegates will witness the entire bullion and jewellery industry at one destination”. Inhis welcome speech, Mr. Kamboj said, “This bullion summit is not only about discussing issues and challenges ofthe bullion industry but also to address the grievances of the karigars and their skill development. At the end ofthe summit, we should prepare a synopsis with solutions so that it can be implemented by the government. The

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success of this summit is in finding viable solutions for the betterment of the bullion and jewellery industry”, hepointed out.

In his opening speech, Mr. Mehul Choksi, Vice Chairman, Banking Committee, IBJA, applauded India’s enviableplace in the bullion and jewellery market, but said that it was losing its competitive advantage because ofgovernment policies and called on those present to unite to make a change. Mr. Choksi said, “Indian Bullion andJewellery Sector has been a significant contributor to the growth of the Indian Economy and the welfare of theIndian people. But it has been a relatively silent contributor and now, it is time for the Sector to make its presencefelt and to be heard”.

Mr. Choksi said that by placing quantitative restrictions, increasing the cost of manufacturing in India by stoppingthe gold metal loan facility and levying Customs duty at an exorbitant rate of 10%, the government has promotedthe so called ‘parallel’ economy and increased profits of the “smugglers’ sector” and adversely impacted thestrong domestic jewellery manufacturing sector and in turn the growth in exports. “These were supposed to betemporary measures” he said, adding “It is now time to immediately dismantle all these restrictions or else all theefforts already put in by the Indian Bullion & Jewellery industry over decades, to develop the “Made in India”brand of jewellery, in the global market, will be lost to other countries who have been putting a lot of efforts tocopy India’s success in this sector”.

Mr. Choski lauded the Indian Bullion & Jewellery Industry for being the envy of the global arena. He said thattrading countries like Dubai and Singapore are going all-out to woo the Bullion & Jewellery Sector from India. “Butour sector does not find a mention in the recent “Make in India” program”, he lamented.

“It is time for all the stakeholders in this sector to get together and put in a combined effort, to prevail on thegovernment, to dismantle all the restrictions imposed recently by the previous government and ensure that the“made in India” jewellery sector continues to grow and contribute to the government’s exports and employmentgeneration efforts”, he said.

Panel Discussions:

PANEL DISCUSSION 1: FDI Investment in Bullion & Jewellery Industry

Mr. S.K. Jindal, Chairman of Jindal Group of Companies was Moderator. Mr. Anil Singhvi, Market Editor, CNBC 18was Co-Moderator. Speakers for the discussion included: Mr. Somasundaram P R, MD, World Gold Council, India;Mr. Rajesh Khosla, MD, MMTC-PAMP INDIA Pvt Ltd; Mr. Mehul Choksi, Chairman, Gitanjai Group; Mr. SanjeevAgarwal, CEO, Gitanjali Export Corp; Mr. Rakesh Jhunjhunwala, Rare Enterprises Investor & Trader; Mr. NileshShah, MD & CEO, Axis Capital; Mr. Sudip Bandyopadhyay, MD & CEO, Destimoney Securities; Mr. AnubhavSrivastava, Head of Product Development & Institutional Business, Motilal Oswal Asset Management.

The first panel discussion on FDI was one of the most powerful sharing of views of the entire event. Theparticipants talked about how the industry could go about attracting investors.



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Mehul Choksi, Chairman, Gitanjai Group

“There should ideally be no bar to attract FDI into the industry, especially into manufacturing. However, weshould work towards improving the manufacturing facility to make ourselves FDI-ready. Opening manufacturingparks similar to that in Kolkata is a good example. We need a much more organized framework for manufacturingto attract FDI. Through FDI, we can bring in Italian manufacturing technology and expertise to our country”,rationalized Mr. Choksi.

Sanjeev Agarwal, CEO Gitanjali Export Corp.

“The jewellery sector would surely prove to be a lucrative destination for FDI because of its sheer market size,which is to the tune of Rs. 2,51,000 crore”, opined Sanjeev Agarwal. “The industry is not a very leveraged sectorat the moment, as the business is mainly financed by individual funds. Hence, the sector throws up opportunityfor FDI. The international investors always prefer to invest in a sector where consumerism and consumerpurchase are always growing. And our jewellery industry fits the bill perfectly as demand for jewellery willcontinue to grow despite government reactions. As per the last year’s KPMG-FICCI research finding, the marketsize will double in the next five years”, said Mr. Agarwal.

Mr. Agarwal identified the fact that most businesses are family-run as a challenge to investors who want to putlarge sums of money into businesses. “The challenge for the industry is to shift from family structure anddemonstrate professionalism correctly to the investors”, he said.



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Somasundaram PR, MD (India), WGC

Mr. Somasundaram PR spoke about inviting FDI in hallmarking and mining, besides retail. “In hallmarking, if anyIndian quality standardisation agency creates an acceptable quality standardisation mark similar to Intel-Insidelogo in the jewellery industry, it can attract FDI”, he said.

Rajesh Khosla, MD, MMTC-PAMP

Rajesh Khosla called for Foreign Direct Investment in gold refining and mining to efficiently tap the 25,000 tonnesof gold lying idle with Indian households. “Even if we target to monetise one percent of domestic gold, it wouldadd up to 250 tonnes. This cannot be handled by MMTC-PAMP alone. We need to have world-class refineries inIndia”, he said.

Sudip Bandopadhyay, MD & CEO, Destimoney Securities

“There are government mines which are not operational. If government provides better infrastructure, thosemines can attract FDI. Thus, we can revamp existing mining opportunities and explore new mines and that willtake the pressure off gold import”, said Sudip Bandopadhyay.



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The main take-home from the discussion was how to bring about FDI in skill and technology development, andimprove profitability.

PANEL DISCUSSION 2: Changes Needed in Gold Policy in India?

Mr. Rajesh Khosla was Moderator. Mr. Anil Singhvi, Market Editor, CNBC 18 was Co-Moderator. Speakers for thediscussion included: Mr. Somasundaram P R; Mr. Krishna Pratap Singh, Additional Director General of ExportPromotions, Ministry of Finance, Department of Revenue; Mr. Devendra Pant, Chief Economist & Head PublicFinance, India Rating & Research; Mr. Rajan Venkatesh, Managing Director, India Bullion ScotiaMocatta; Mr.Mayank Khemka, MD, Khemka Group of Companies.

Some very valuable suggestions were thrown up at the second panel discussion. There was largely a consensusthat the need of the hour is for the industry to come up with some long-term sustainable policy that meets withthe needs of the government, the people of the country at large, as well as the stakeholders of the Bullion &Jewellery industry.

Mr. Rajan Venkatesh, Managing Director, India Bullion ScotiaMocatta

Rajan Venkatesh said that policies are too import-oriented. There is a need for policies to be more domesticated.He opined that market agencies should all innovate and come up with solutions.

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Mr. Somasundaram PR said “We have to look at long-term larger policy”, and that “the industry has a lot ofcleaning up to do in its backyard”.

Sanjeev Agarwal enlightened the audience about the fact that it is investment demand that has been increasing,and that “inflationary pressure had people looking for an alternative”.

Mr. Mayank Khemka, MD, Khemka Group of Companies

Mr. Mayank Khemka suggested that gold not be made the “fall-guy” anymore, and other measures should beconsidered like perhaps alternatives to bring down oil imports. He said we could look at a “quota” or “licence”system.

Mr. Devendra Pant, Chief Economist & Head Public Finance

Mr. Devendra Pant said that investors look for “stability of policies”.

Krishna Pratap Singh, who it was said in jest “represents Bharat Sarkar” explained why the 80:20 rule was putinto place. He said that people tend to criticise policies, but do not come up with any concrete roadmaps or offersustainable solutions. He applauded WGC and IBJA’s ‘Vision 2020’ statement, but said that now it should beamalgamated with the government’s own vision. He implored people to make use of the public platformsavailable to voice viable solutions.



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The key take-aways from the discussions were that the industry has undoubtedly tolerated a fair amount of pain,of which it has been vocal; The government is listening and will continue to listen to the woes of the industry; Tothe extent possible, the government will take a sympathetic view, but the industry will have to be patient.

PANEL DISCUSSION 3: Gold as an Investment or Expense – Gold schemes, ETFs v/s physical gold and the futureof dumped gold

Ms. Manisha Gupta, Editor – Commodities & Currencies, ET Now was Moderator. Mr. Anil Singhvi, Market Editor,CNBC 18 was Co-Moderator. Speakers for the discussion included: Shri Swami Ramdev; Mr. Bhargava Vaidya, BNVaidya & Associates; Mr. Sumesh Wadhera, Chief Editor, The Art of Jewellery; Mr. Chandraprakash Siroya, MD,Siroya Jewellers LLC, Dubai; Ms. Ritika Jaiswal, Doctoral Research Scholar, National Institute of TechnologyKarnataka; Mr. Satish Bansal, Managing Director, M.D. Overseas Group; Mr. Anubhav Srivastava, Head ofProduct Development & Institutional Business, Motilal Oswal Asset Management.

The panel explored whether gold really is an investment, how to improve ETFs and monetise household andtemple gold. Ms. Ritika Jaiswal enlightened the audience about the fact that her research shows gold is not reallya “lag-effect hedge”, and does not offer a safe-haven if bought after the occurrence of a crises. She, however,suggested that it is a good investment for diversification of assets.

Anubhav Srivastava, Head of Product Development & Institutional Business, Motilal Oswal Asset Management

Most of the panelists were in agreement with what Mr. Anubhav Srivastava had to say. He said, “ETFs willimprove when they can be sold and converted into physical gold.” “The success depends on the electronic formbeing linked with the physical form”, he opined.

Speaking about jewellers falling under the purview of the New Companies Act, there was unanimous opinion thatthere should be no ban on allowing purchasing schemes but there should be regulations put in place instead. Mr.Krishna Pratap Singh said that the amendments to the Companies Act was up for comment for a month, but noone from the industry came forward. He implored those present to “make a concerted application of minds fromthe association to the Department of Corporate Affairs.”



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Speaking about whether a VDIs would work, it was opined that they have not in the past because a lack of trust inpeople’s minds towards the government.

Mr. Chandraprakash Siroya, MD, Siroya Jewellers LLC, Dubai

Mr. Chandraprakash Siroya suggested that the government should involve jewellers in the ETF process, wherethere is a bank-jeweller partnership. This, according to him would help monetise more gold and the jewellerswould be in a position to accurately test purity.

PANEL DISCUSSION 4: Gold Date Whether Correct or Incorrect, New Opportunities in Mining and Refining,World Gold Production v/s Consumption, Business Growth in Commodity Exchange

Mr. Rajesh Khosla was Moderator. Mr. Anil Singhvi, Market Editor, CNBC 18 was Co-Moderator. Speakersincluded: Mr. Alistair Hewitt, Market Intelligence, World Gold Council; Mr. Vikvek Jalan, Senior Vice President,NCDEX; Mr. Harish Pawani, MD, BIN SABT JEWELLERY L.L.C.; Mr. Harmesh Arora, National India Bullion Refinery;Mr. D K Aggarwal, MD, SMC; Mr. Gerhard Schubert, Head of Gold & Commodities, Arab Banking Corporation;Mr. Sudheesh Nambiath, Senior Analyst- Precious Metals, GFMS, Commodities Research & Forecast, ThomsonReuters; Mr. Chirag Sheth, Research Consultant, Metals Focus.

Mr. Alistair Hewitt gave an interesting presentation comprehensively covering all aspects of gold supply anddemand and trends over the last decade. Speaking about WGC’s data collection method, he said “WGC uses anumber of data sources”. Mr. Hewitt, Mr. Nambiath and Mr. Sheth in their respective presentations, all made avery convincing case for their data collection methods. There was agreement across-board that the numbers maynot be the same, but approach and trends always were.

Mr. D K Aggarwal, MD, SMCMr. D K Aggarwal said that “research tends to point in the right direction, which is more important than concretenumbers”.



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Mr. Harmesh Arora, National India Bullion RefineryAs far as refining is concerned, according to Mr. Harmesh Arora, gold refineries are under-utilized, scrap metaldoes not reach many small refiners so they don’t have the raw materials. Regarding mining, he said thathistorically India has had a lot of gold, so the country needs to attract FDI to help develop mining and thegovernment should help with policies, with security issues and the industry should build co-ordination betweenminers in India and foreign investors.

A concern was raised about the scrap-refining business in India being “off-the-books”.

Regarding commodity exchanges, it was largely felt that technology in India is lacking and there should be moreinstruments other than “futures”, like “options”. Mr. D K Aggarwal said, “We have the metal to become the pricesetter”.

The discussions threw up some valuable suggestions that are sure to help IBJA draw up an Action Plan.

PANEL DISCUSSION 5: New Generation in Bullion & Jewellery Family Business; Budding Entrepreneurs in Bullion& Jewellery Industry

Ms. Manisha Gupta was Moderator. Speakers included: Mr. Ketan Shroff, MD, Royal Refinery Private Ltd; Mr.Mukesh Mehta, Punya Arts; Mr. Anshul Sonawala, Narayandas Manohardas; Mr. Mayank Khemka, MD, KhemkaGroup of Companies; Mr. Nikhil Arvind Ranawat, Swarnshilp Chains & Jewellers Pvt. Ltd.; Mr. Viraj ChetanThadeshwar, Shringar House of Mangalsutra; Mr. Sneh Jain, Royal Chain.

This was an enlightening discussion from the perspective of the “gen-next”. The spectrum among jewellersincluded 1st generation to 10th generation ones who discussed the challenges they have been facing, how theyhave taken their family businesses forward, what they think about hedging, and what they perceive as some newopportunities.

The overall consensus was that the new generation has done a lot to take the industry forward, bringing aboutmore co-ordinated business practices, improved technology and processes, branding, more transparency andethical practices in sourcing gold, etc.

It was unanimously felt that gold is an easy business to get into and be in, although those with ancestors in it havean edge.



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Regarding hedging, there were many different opinions about whether to hedge or not. There seemed to be astrong opinion that what hedging policy one adopts would depend on size of business, stocks and what businessmodel one is following. Mr. Viraj Chetan Thadeshwar, for example said that if one plans to earn profits on labour,then it would be okay not to hedge. The larger consensus was that one could hedge on incremental stocks andnot on base-stocks.

Mr. Viraj Chetan Thadeshwar, Shringar House of Mangalsutra

Among the new product launches at IIBS were:

1) IBJA’s Brand of Gold & Silver Coins

2) BVC Logistics’ ‘Jewellery EXIM Handbook’ (A compilation of information on various procedures related toexport of jewellery. It contains information related to documentation, statutory requirements, duties,taxes, permissions and RBI rules and regulations.)

3) IBJA & IIBS Websites

4) Portal ‘www.myjewellerybazar.com’ by Royal Chain in association with IBJA

5) IBJA’s Book ‘Journey From BBA to IBJA’

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Rajesh Neelakanta, Executive Director & CEO, BVC Logistics

Speaking about the Handbook, Rajesh Neelakanta, Executive Director & CEO, BVC Logistics, “BVC has always beenin the forefront with regards to smooth facilitation of trade processes. This is yet another such initiative fromTeam BVC and we earnestly believe that this Handbook will enrich the logistics’ experiences of our esteemedCustomers in the D&J trade.”

Among the Presentations made were:

1) ‘Vision 2020’ by World Gold Council in association with IBJA

2) ‘Building Brands – From Bullion to Billion’, by Mr. Jagdeep Kapoor

3) ‘Research on Investigation of Dynamism of Interrelationship in Gold, Silver, Bond and Stocks’, by Ms.Ritika Jaiswal

4) ‘Bullion Trend Prediction – The Astrological Angle’, by Sundeep Koachar

5) ‘Hedge - When To Do & When Not To Do’ & ‘Hedge Tools Supporting Physical Buyers’, by Mr. SajeevPanicker

One of the most talked-about presentations of IIBS was WGC’s ‘Vision 2020’ for the Indian gold industry. Thestatement represents a 5-year ambition for the industry. It enunciates six different areas including Exports,

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Employment Generation, new ways of Meeting Demand internally, Standardisation & Hallmarking, KarigarWelfare and Gold Tourism.

“Our vision for gold is that it should be put to work for the economy, creating jobs, developing skills, generatingexports and revenues – an essential part of the financial economic and social structure of the country”, thestatement says.

India Bullion and Jewellery Awards 2014 (IBJA Awards)

There were 33 categories of awards at this year’s India Bullion and Jewellery Awards, to felicitate people from theindustry and its ancillary partners for achievements and contributions. The awards presentation function wasgraced by the who’s who of the bullion and jewellery world. The Awards and Awardees are as under:

CATEGORY COMPANY AWARDEE

Gold Star of the Millennium Amitabh Bachchan, Actor

Lifetime Achievement Award Bherumal ShamandasKhotumal Bherumalji Pahlanji -Partner

President’s Choice Award: Iconof Zaveri Bazaar

Choksi Arvind Jewellers Arvind Parekh, Partner

Jewellery Icon of the DecadeHasmukh Parekh Jewellers Pvt.Ltd.

Hasmukh Parekh, MD

Best Large Scale JewelleryManufacturer

Emerald Jewellery Industry Pvt.Ltd.

K. Shrinivasan, CMD

Best Silver Jewellery / ArticleManufacturer

Derewala Jewellery IndustriesLtd.

Pramod Agarwal, Chairman

Best Small Scale Jewellery Royal Chains Pvt. Ltd. Suresh Jain, Director

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Hasmukh Parekh, MD



K. Shrinivasan, CMD





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Hasmukh Parekh, MD



K. Shrinivasan, CMD







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Manufacturer

Best Chain of Retail Stores–International

Joyalukkas Group Joy Alukkas, Chairman

Best Chain of Retail Stores–National

Titan Company Ltd. Bhaskar Bhat, MD

Best Retail Store G R Thanga Maligai G R Ananthapadmanabhan, MD

Best Jewellery AdvertisementCampaign

Kalyan Jewellers, T S Kalyanaraman, CMD

Outstanding Contribution tothe Industry

World Gold Council P R Somasundaram, MD

Outstanding Contribution tothe Association

Chennaji Narsingji & Family

Best Refinery MMTC-PAMP India Pvt. Ltd. Rajesh Khosla, MD

Best International Bank forGold Dealers

Bank of Nova Scotia Rajan Venkatesh, MD

Best National Bank for GoldDealers

State Bank of IndiaSudhir Dubey, Chief GeneralManager

Best NBFC for Gold Business Manappuram Finance Ltd. V P Nandakumar, MD & CEO

Best Promising CommodityExchange

NCDEX Samir Shah, MD & CEO

Best Bullion and JewelleryMagazine

The Art of Jewellery Sumesh Wadhera, MD

Best English Business Channel E T Now

Best Hindi Business Channel CNBC Awaaz

Best Jewellery Brand Gitanjali Group Mehul Choksi, Chairman

Best Online Jewellery Portal Bluestone.comGaurav Singh Kushwaha,Founder & CEO

Best Designer Jewellery Store Shobha Asar Jewellery Pvt. Ltd. Siddharth Asar, Owner

Best Jewellery Designer Varuna D Jani Varuna D Jani, Owner



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Best Chain of Wholesale Stores Shilpi Jewellers Pvt. Ltd. Pramod Mehta, MD

Best Promising Gems &Jewellery Company

Swarnashilp Chains Pvt. Ltd. Arvind Ranawat

Best Gems & Jewellery Exporterof the Year

SCG Exports Pvt. Ltd. Sumatichand Gouti, Director

Best Bullion Dealer Gold Raksha Bullion Pvt. Ltd. Nemichand Sanghvi, MD

Best Bullion Dealer Silver M D Overseas Ltd. Satish Bansal, Director

Best Bullion Dealer In Coin(Gold / Silver)

N.I.B.R. Bullion Pvt. Ltd. Harmesh Arora, Partner

Best Logistics Company BVC Logistics Pvt. Ltd.Uday Chinai, Chief ManagingDirector

Best Jewellery InsuranceCompany

Oriental Insurance CompanyLtd.

Samir Shah, Managing Director and Chief Executive Officer, NCDEX

In his thanks for NCDEX being given the award for Best Promising Exchange for its innovative launch of GoldHedge & Silver Hedge futures contracts, Samir Shah said, “We are glad that our efforts have been recognized andthis honour motivates us to take our level of innovation to newer heights. We would like to thank everystakeholder in the Industry for believing in NCDEX and making the contract successful”.

India Bullion and Jewellery Fashion Show 2014 (IBJA Fashion Show)

The India Bullion and Jewellery Fashion Show was a stunning display of both high-couture jewellery and fashionspread across 5 different slots. The show was co-anchored by actress, Mandira Bedi and actor and comedian,Sunil Grover.



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Jewellery partners for the event included Gitanjali, SK Jewellers, Shubham Motiwala, among others. Besidesjewellery houses, IBJA partnered with some of India’s most prominent fashion houses for the fashion show. Theseincluded Sonaakshi Raaj, Amy Billimoria, Archana Kochhar and Karan Malhotra.

Bollywood stars like Sushmita Sen, Zareen Khan, Shraddha Kapoor, Huma Qureshi, Neetu Chandra and Aditi RaoHydari dazzled the audience as show-stoppers. Among the other beautiful models on the runway were: AmrutaPatki, Parvathy Omanakuttan and Shamita Singha.

Post the IBJA event, GemAtlas caught up with Mr. Mohit Kamboj, immediate Past President, IBJA to ask him afew important questions:

Interview with Mr. Mohit Kamboj

GA: What are the 3 takeaways from the India International Bullion Summit 2014 that you would like yourAssociation to focus on for improving the Business Environment?

MK: “1.The data given by various agencies does not look authentic. Like for e.g. figures for smuggling given byvarious agencies are to the extent of 10-15% of the total import bill. This looks unrealistic.

2. The Government needs to appoint our association IBJA as regulator for the Bullion and Gold Jewelleryindustry as the information gathered by the Government before framing the policy is not correct. It has beenfound that most of the information is gathered by govt. from other gem and jewllery associations that catermostly to the diamond market. IBJA is the only oldest and apex body in the country that understands the needs ofthe Bullion and Gold jewellery Industry.

3. More transparency in allocation of gold by the bank is needed for improving the business environment.”

GA: Why do you feel that in spite of the Proactive and Dynamic Government that understands the Jewellerysector better, it is still taking time to unwind the regulatory restrictions imposed last year?

MK: “The Government is at no fault as it has to balance between import of gold and CAD. With the Gold ImportBill suddenly rising again in September, the government will have no option but to again put more stringentrestrictions. The only alternative available under these circumstances is to bring household gold back intocirculation. However, these measures have lot of social and tax angles that need to be addressed.”



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GA: You brought about a number of changes since you took up leadership of IBJA and have also recentlylaunched a few retail initiatives at the Summit. Of the various, which are the 2 most important initiatives fromyour point of view, and what do you expect will be their impact on the Indian Jewellery and Bullion sector?

MK: “IBJA is committed to bringing fair business practices across the country and hence have decided to launchIBJA marked certified gold coin. This coin will slowly bring new standard of purity for the bullion industry.

IBJA is also firm in setting up various standards for silver and silver made articles. In India it is found that purity ofsilver is too low in case of silver coins and articles. By launching International Silver Council, we will address thepurity issue of silver coins and silver articles. The entire silver industry will be slowly adopting the standard ofsilver set by us.”

All-in-all, the IBJA 3-in-1 event was a rip-roaring success.

Among the important product launches, IBJA announced its new retail venture of gold bars and silver coins. It saidthat to begin with, the bullion will be available in between 1 gm and 1 kg at its Zaveri Bazaar office. It said thatplans were on to rope in retailers as well as sell online in the near future.

The Bullion Summit saw some very important topics being discussed by the industry’s top minds. The paneldiscussions were followed by Q&A sessions and discussions were thrown open to the floor.

The summit also served as an important platform where delegates could connect with prominent personalitiesfrom the bullion and jewellery industry, providing the opportunity for high-profile networking. It is hoped that asa result of the Summit, people from the industry will come together to try and bring about the changes that theindustry is calling out for.

From the thought-provoking and enlightening Panel Discussions to the well-researched and inspiringPresentations, from the dazzling Fashion-show to the Awards that felicitated India’s best achievers, the launch ofthe new products that provide hope for a more promising future for the Bullion & Jewellery sector, the IBJA eventwas indeed a great success.

Partners for the event were:

Title Partner Gitanjali

Knowledge Partner World Gold Council

Official Logistics Partner BVC Logistics

Fashion PartnersSK Jewellers; P.N. Gadgil Jewellers; Vriddhi Jewels;Gitanjali; Shubham Motiwala Jewellers

Registration Partner Royal Chains Pvt. Ltd.



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Lanyard & Invitation Partner Swarn Shilp Chains & Jewellers Pvt. Ltd.

Print Media Partner The Art of Jewellery

Event Partner Rising Events

Associate PartnersFICCI; KBJ; Riddisiddhi Bullions Ltd; Raksha Bullion; RBPL;Penta Gold Pvt. Ltd.; Vimalson Jewellers



OVERVIEW OF INDIAN BULLION AND JEWELLERY ASSOCIATION … · 2014-10-30 · Mr. Devendra Pant, Chief...

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