In order to solve the issues faced by the bullion trade and industry, National Spot
Exchange in association with the leading bullion dealers of India have endeavored
to set- up Indian Bullion Market Association or IBMA.
Vision Statement
To create a national level forum for India’s bullion trade and industry and
to organize Indian bullion trade as a unified, structured, credible and transparent
market discovering the benchmark Indian spot price through the pan India electronic
network created by National Spot Exchange.
Mission
The mission is to create a business model, which serves the fundamental requirements
of Indian bullion trade and industry in a sustained manner. It proposes to achieve
this mission through a partnership approach, where the success and growth of business
is to be shared equally by and between all stakeholders. It is based on an integrated
approach, where the leading bullion dealers of the country stand together with National
Spot Exchange to initiate a golden chapter in the history of gold in India.
Objectives
The objectives of promoting IBMA are:
To set up a national level trade association for representing bullion importers,
dealers, traders, jewellery merchants, ornament dealers, exporters, bullion banks,
nominated agencies, investors, consumers, refineries and all stakeholders connected
directly or indirectly with the bullion trade and industry.
To identify the problems faced by various stakeholders connected with bullion trade
and industry and to find out likely solution to such problems for achieving overall
growth of bullion trade and industry.
To interact with the Central Government, State Governments, RBI, nominated agencies,
banks and other regulators for submission of impartial views relating to bullion
trade and industry and to have consistent follow up regarding major policy initiatives,
budget proposals, import and export policies, announcements relating to import duty,
VAT and other issues, which may directly or indirectly impact the bullion trade
and industry.
To set up the process for approval of local refineries and domestic brands of gold
and silver bars and to make them tradable on National Spot Exchange platform.
To introduce a system of sale of gold coins and silver coins made by local refineries
and domestic brands so as to stimulate an investment cult among millions of investors
in gold and silver in smaller denomination and at reasonable price.
To create linkages between domestic stock of gold and silver, recycled gold and
silver and to remove disparity between domestic prices and international prices.
To notify the benchmark prices for Gold and Silver in terms of AM and PM fixing.
To promote savings and investments in gold and silver and to evolve a system of
seamless trading, investment, vaulting, electronic record keeping, dematerialization
and other value added services.
To notify a code of conduct and ethics to be followed by bullion dealers, jewelers
and traders and to develop and promote good trade practices and integrity so as
to enhance overall reputation of bullion trade.
