IBJA forms World Silver Council

The silver sector would now have a voice or representation, with the India Bullion and Jewellers Association formed the World Silver Council. The Council would entail establishing quality standards and making representations with the Union government on policy issues, as per reports. The Council aims to fill the void of a formal representation of the sector with the government. It would also serve to protect the interest of retail consumers, industrial users and silver producers, as per reports.

IBJA is inviting global silver miners, traders, refiners, processors and jewellery manufacturers to be part of the council, as per reports. It is not intending to invite members through a membership drive or initiate any fee collection for membership. Currently there is no uniform silver standard with silver’s resale price pegged at about 40-50 per cent of the prevailing silver price. The World Silver Council would establish a uniform standard for silver related articles in India, reports say.