MUMBAI : December 27: India’s apex bullion dealers’ body India Bullion and Jewellers Association (IBJA) has launched the World’s first of its kind initiative the World Silver Council for the benefit of the global silver players.
The World Silver Council was launched at the hands of Shri Ramnath Kovind, honourable Governor of Bihar, in a glittering ceremony here on Saturday.
The birth of the Silver Council is the brainchild of the young and innovative leader of bullion industry and the current IBJA president Shri Mohit Kamboj who vowed to bring the entire bullion dealers’ and jewellery industry to the new height and get a say in the government’s policy making process.
“We would not launch a membership drive from silver players nor would IBJA initiate any fee collection from its members. We just want a fair representation of industry players in policy making. Players are scattered today and hence, a proper representation is absent,” said Shri Mohit Kamboj, IBJA president.
IBJA is looking to invite participation from global Silver Miners, Traders, Refiners, Processors and Jewellery Manufacturers.
India imports over 7000 tonnes of Silver Annually. Such a large volume of silver we consume for its industrial use by the companies like Siemens and other heavy machinery manufacturers. Around a third of global silver production is used for industrial uses.
“I am happy to note that a first of its kind initiative is launched by a bullion dealers’ and jewellers’ body in India to promote the industry on Global Scale,” said governor Kovind on the occasion.
World Silver Council is the First of its kind a Silver representative body which would seek representations from its Producers, Processors and Manufacturers of Silver Bricks, Coins, Medallions, Jewellery and Artifacts in the decision making process.The major objective of the World Silver Council would be to protect the interest of silver producers and its industrial and retail consumers.
Currently, Silver Artifacts and Jewellery Manufacturers need a uniform standard of the metal’s purity in the manufactured articles. Manufacturers use their own marketing tricks to attract customers and sell their output. But, the resale value of Silver Jewellery is determined only at 40-50 per cent of the prevailing price of silver by any jewellers including the one articles bought from.
The World Silver Council is also working on to set a uniform standard for silver jewellery and artifacts in India.
“Currently, silver artifacts and jewellery is available with 40-50 per cent of silver. But, there is no uniform standard currently set similar to gold standards like .999 and .995. The World Silver Council will work in that direction to set a uniform purity standard,” said Kamboj.
Simultaneously, IBJA also launched its Skill Development Council and First Step Foundation. While Skill Development Council will promote protection of Karigars and their Families in the industry, the First Step Foundation would focus on the CSR-Welfare of inside and outside the industry.
This is a unique initiative taken by IBJA for the promotion of Silver industry, which is currently estimated to several multiple in size of imitation jewellery. 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.
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