Mumbai: India’s bullion trade body, India Bullion and Jewellers Association Ltd. (IBJA), has entered into retailing of gold and silver coins and bars, reports resourceinvestor.com. This is the first time that IBJA has entered into bullion trading. The association will source gold from overseas and local gold suppliers. The coins will range between 1 gram and 1,000 grams and will carry hallmarking symbol of purity from IBJA.
According to Prithviraj Kothari, Vice-president, IBJA, the sale of coins and bars will be confined to IBJA’s office at Zaveri Bazaar in Mumbai for the time being. Efforts are on to rope in retailers towards sale of IBJA coins and bars through their outlets. The trade body plans to launch online sales in near future. IBJA proposes to mint coins and bars under their own and thereby create own brand for future.
Speaking at the India Bullion Summit being held in Mumbai, Kothari stated that the coins and bars would be priced at market rates and could be purchased by jewellery manufacturers and individual buyers through physical delivery. The revenue generated from the retailing business will be utilized towards overall development of the bullion industry in India, he added.
IBJA, earlier known as Bombay Bullion Association (BBA), is presently considered the apex association for all bullion and jewellery associations in India.