President Blog

Mukesh Mehta

The 4th edition of India International Bullion Summit (IIBS – 4) organised By IBJA was held on 16th March, 2017 at Hotel Sahara Star, Mumbai.

Key note address was delivered by Mr. Aram Shishmanian, CEO World Gold Council. He stated that demonetisation is story of past and industry must gear to face challenge of GST.

Mr. Ashish Chauhan, MD – Bombay Stock Exchange, during the conference stated that “BSE is working with IBJA, a nodal body for bullion trade to set up a Gold Spot Exchange. The Idea of Gold Spot framework in gift city was discussed which will allow foreigners also to trade gold contracts denominated in Dollars and create one more centre for price discovery”. Most of industry leaders felt that SEBI should regulate this spot exchange. The denial by SEBI to regulate exchange will adversely affect the much needed regulated gold market. 

Some of the panellist who supported this Gold Spot Exchange were Mr. PR Somasunderam, MD, World Gold Council; Mr. Sudeesh Nambiath, GFMS Thomson Reuters; Prof. Arvind Sahay from IGPC, IIM – A and Mr. Sanjeev Agarwal, Chairman – FICCI, Gems and Jewellery.  

A Panel Discussion was also held for impact of GST on bullion and jewellery industry. The entire Fraternity felt that government should not exceed revenue neutral rate while deciding the GST rate for Gems and Jewellery Sector. Many retailers also felt that higher GST rate on Jewellery will bring down the consumer demand for Jewellery. However, bullion dealer also emphasised for reduction in Custom Duty on bullion.

Hallmarking of jewellery was also discussed in this summit and it was confirmed by most of the jewellers that BIS is pushing the customers to buy un-hallmarked jewellery by framing rules which restrict hallmarking of only 14, 18 and 22 carat jewellery. Representative from BIS and President of Indian Hallmarking Association were also present in this discussion. Impurity in silver and silver artefacts was also discussed and it was felt that Government announces compulsory Hallmarking for silver.

The Panel Discussions were moderated by Ms. Manisha Gupta, Editor – Commodities and Currencies, CNBC TV18 and Mr. Anil Singhvi, Markets Editor, CNBC Awaaz.   

The Summit ended with 34 awards honouring the starworts of the industry in an unprecedented gathering from the gems and jewellery fraternity.

We are representing government in respect of new hallmarking norms and GST.

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