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Company Profile

India Bullion and Jewellers Association Ltd. (IBJA) was established in 1919, as a result of the prevailing circumstances in the market that warranted an association with multi-faceted approach to the problems and challenges faced by the bullion traders in a newly liberated India. The IBJA has grown in its reach, stature and reputation over the years since its creation. It has proved to be an unbiased platform and is now considered the Apex association for all bullion and jewellery associations in India. Presently India is the world's largest consumer of Gold bullion, gold jewellery and gold ornaments.

IBJA publishes daily Gold AM and PM Rates. These rates are benchmark rates for issue of Sovereign and Bonds as per various notification issued by Ministry of Finance and Reserve Bank of India. IBJA and rates are also benchmark rates for Lending against Jewellery by NBFC and Bank as per RBI notification. IBJA has offices in 29 states and is part of all Govt. Committees for Gold. IBJA is constantly engaged in Promotion of trade through Exhibition called Kashmir to Kanyakumari. Currently IBJA is setting up its own Domestic Gold Spot exchange, Bullion refinery and gems & jewellery park spread in 87 area of land in Navi Mumbai.

IBJA helps its members and the community at large for the promotion & regulation of Bullion trade, address disputes and arbitrations between dealers, provide a neutral & correct platform for weighing precious metals acceptable to the trading community, interact with different executive agencies, provide reliable & correct reports of assaying of precious metals acceptable to the parties involved. Increasingly it plays a key, pivotal role in interacting with the all Government Departments on behalf of bullion traders, dealers and jewellers in its implementation of new policy matters, import export issues and help in the economic growth of the country.

India Bullion and Jewellers Association Ltd. owns a building in the heart of South Mumbai at Zaveri Bazaar from where as part of its day to day activities the India Bullion and Jewellers Assosciation carries out a range of business activities to assist the Bullion and Jewellers Industry members which include Melting, Assaying, XRF Spectrometry, Hallmarking, Medallions and Coins, Dharam Kanta (Metal Weighing), Lockers, Communications etc. Please view the website for more details and you can also follow us on social media platforms like Facebook, Twitter, Linkedin, Youtube and Instagram.

Objectives

  • To provide a facility of manufacturing, processing, converting, testing, hall marking, refining melting, assaying, trading, jobbing in bullion, gold, ornaments, silver, utensils, diamonds, jewellery and other components and accessories and all type of precious and semi precious metals.
  • To create and maintain harmonious relations with Government, Semi-Government and other authorities and to negotiate, appear before, obtain sanctions, privileges , advantages, reliefs and co-operation from Government, Semi-Government or other authorities on behalf of the members.
  • To take all steps which may be necessary for promoting, supporting or opposing legislation or their action affecting the interest of Bullion, Diamond, precious metals Gems and Jewellery trade, commerce and industry by any Government, Central/ State, or otherwise or any Department thereof, or by any local body or any other public or semi-public body or Officer and in general to take the initiative and/or join in taking any action to secure protection and development of the Diamond, Gems and Jewellery trade, commerce and industry in all respects.
  • To maintain and expand a Library of books and publications of statistical, economic, commercial, industrial and general interests so as to diffuse knowledge and information on various aspects of trade, commerce and industry and concert measures for advancing economic, commercial, industrial and general knowledge pertaining to Bullion, Diamond, precious metals Gems and Jewellery trade, commerce and industry.
  • To facilitate deals in any commodity market, commodity exchange, spot exchange, for itself or for others, transaction in the nature of hedging, spot trading, forward commodity contracts, rate swaps, commodity future/swaps, commodity options, futures and options and in derivatives of all the commodities, for the purpose of trading, investment, hedging, arbitrage, for providing benefits to its members.
  • To collect, classify, disseminate and circulate, statistical and other information relating to Bullion, Diamond, Gems, precious metals and Jewellery trade, commerce and industry and to make efforts for the spread of commercial, industrial and economic knowledge.
  • To make representations to all Central or State Governments or local or public or semi-public authorities, executive or legislative on any matter directly or indirectly affecting the Bullion, Diamond, precious metals Gems and Jewellery trade, commerce, and industry.
  • To establish a Bullion, Diamond, precious metals Gems and Jewellery Industrial Research And Development Centre, Scientific And Technical Research Laboratory.
  • To convene when thought necessary or expedient, conferences, seminars or other kinds of meetings at such places and at such time as considered desirable so as to further and promote the needs and interests of trade, commerce and industry in Bullion, Diamond, precious metals Gems and Jewellery.

History

During the British Raj bullion of gold and silver were imported into India through ships. Mumbai, then called Bombay, was one of the major hubs for bullion trade in India. The market was full of traders and jewellers. The bullion era as I fondly call it, was the glittering era for the traders. Dated back in 1919, the seed was sowed for the formal association of the bullion traders. This was the inception of the famous Bombay Bullion Association, BBA. In 1920 the forwards market of bullion in Bombay (now Mumbai) was one of the largest in the world. Dated on 24 January, 1923, the BBE, Bombay Bullion Exchange ltd. was registered as an organisation which gradually grew to facilitate the traders with a safety vault. Change and growth both are a part of nature. So happened with the bullion organisation, it gradually grew into various departments from Melting and Refining to Assaying, from DharamKanta to Bullion ring and forward trading. Over the years it was registered in the consciousness of the traders of the market and became famous as The Bombay Bullion Association Ltd. growing to the pinnacles of being the apex body for bullion trade in India. The Bombay Bullion Association worked for pan India operations.

The Apex association of India the BBA still gives the opening and closing rates of bullion across India. Even RBI follows the rates given by the association. The scientific approach adopted by the association for assaying can only be challenged by the government body ‘the Mint’. This association has being the pride of the traders and members associated with it. Independent India Post-independence India was confronted with many challenges; the transition phase when Indian trade and the people began to assert their presence with all things “Indian” also gave rise to anarchy and confusion amidst the business communities, with the bullion industry being one of them. Comprehending the need to establish an unbiased and neutral organization which could use a multi-faceted approach in not only facilitate the working of an structured business sector but also address disputes and act as the conciliator between dealers, provide a neutral and correct platform for weighing precious metals acceptable to the trading community, interact with different governmental and executive agencies, provide reliable and correct reports of assaying of precious metals acceptable to the parties involved, the association was formed.

The Bombay bullion Association Ltd. established in September 1948, today is associated with more than 50,000 members actively involved and participating in its activities. After independence in 1947, the government of India gave its recognition to The Bombay Bullion Association Ltd and ask all the small bullion association existing in Bombay to merge with the association. Later in 1948, it was declared that, Bombay Bullion association Ltd was the guarantee and the association company and not the company with share capital. As envisaged since its establishment, the Bombay Bullion Association Ltd. has proved to be an unbiased platform that has received wide acceptance amongst the entire precious metal trading community.

Code Of Conduct

Code of Conduct for Members of the India Bullion and Jewellers Assosciation Ltd.

  • India Bullion and Jewellers Assosciation Ltd. reputation and honour must always be maintained as priority.
  • All members irrespective of the title and membership status, should act faithfully to and for the betterment of the association and should not misuse their positions for personal benefits and gains.
  • Treat all fellow members with dignity, respect and honor at all times.
  • Follows the laws of the country and the guidelines of association.
  • Don't Bribe anybody, anytime and for any reason.
  • Members should always be transparent and honest in all dealings including with suppliers and vendors.
  • Members must abstain from unlawful harassment in any form such as verbal, physical or visual means.
  • Leaking of confidential information to any persons or press or organization is strictly prohibited.
  • Members should avoid conflict of interest business or activities.
  • Protect all property and materials belonging to India Bullion and Jewellers Assosciation Ltd. and prevent others from damaging or misusing them.
  • Use of recreational drugs and other banned substances is prohibited.
  • Always maintain proper records of any transactions, dealing, relevant discussions and keep these filed for easy follow-up and reference.

Holiday List

Sr. No Festival Name Date Day of the Week
1 Republic Day 26/01/2024 Friday
2 Mahashivratri 08/03/2024 Friday
3 Holi (2nd Day) 25/03/2024 Monday
4 Good Friday 29/03/2024 Friday
5 Gudi Padwa 09/04/2024 Tuesday
6 Dr. Babasaheb Ambedkar Jayanti 14/04/2024 Sunday
7 Ram Navami 17/04/2024 Wednesday
8 Mahavir Jayanti 21/04/2024 Sunday
9 Maharshtra Day 01/05/2024 Wednesday
10 Indpendance day 15/08/2024 Thursday
11 Raksha Bandhan 19/08/2024 Monday
Sr. No Festival Name Date Day of the Week
12 Govinda (Dahihandi) 27/08/2024 Tuesday
13 Ganesh Chaturthi 07/09/2024 Saturday
14 Anant Chaturthi 17/09/2024 Tuesday
15 Mahatma Gandhi Jayanti 02/10/2024 Wednesday
16 Dussehra/ Vijaya Dashmi 12/10/2024 Saturday
17 Diwali (Laxmi Puja) 01/11/2024 Friday
18 Bhai Dooj 03/11/2024 Sunday
19 Guru Nanak Jayanti 15/11/2024 Friday
20 Christmas 25/12/2024 Wednesday
21 Ramzan Eid / Eid Ul Fitr * 11/04/2024 Thursday
22 Bakri Id * 17/06/2024 Monday
23 Muharram (Tazia) * 17/07/2024 Wednesday
  • Commodity exchange holiday other than mentioned are in (*) mark
  • Opening and Closing Rates will not be published on Holidays at Commodity Exchange.
  • We do not publish rates on Saturday's and Sunday's
  • Office Timing 10:30 A.M. to 06:30 P.M.
  • Few festival dates are subject to change