The India Bullion and Jewellers Association (IBJA), a body of 1,000 bullion dealers may soon be recognised as ‘Gold Council’ by the Union Ministry of Commerce, reports say. This would enable it to express its concerns independently and directly with the government. The IBJA includes dealers - importers, banks, non-banking financial companies, and distributors, who import a cumulative gold value worth around Rs 300,000 crore annually in India. The dealers currently express their issues only through jewellers, reports say.

The status would enable IBJA to be an apex benchmark association in India. IBJA is the only body recognised by the Reserve Bank of India to disseminate the gold price every day, considered the benchmark for assessing import consignments, reports add.

Following a request from IBJA, the Prime Minister’s Office (PMO) had sent its recommendation for IBJA’s status change, to the Ministry, last month. The PMO stated it would consider IBJA’s request while making decisions on the gold sector.