India Bullion and Jewellers Association (IBJA) is working at setting up the World Silver Council, by January next year, to function as an apex body for silver, as per reports. This would be the first such council for the silver sector in India, reports say.

IBJA has received the in-principle approval for its project, as per reports.

The World Silver Council would include representatives from domestic and global silver miners, refiners, traders and users. Apart from setting the body up, IBJA will also work towards membership from domestic and global silver players and Council status from the government, as per reports.

This apart, IBJA is working towards developing its organization for which it would hold its board elections in January, wherein its existing board would be dissolved. The new Board would have a full industry representation including retailers, jewellery manufacturers, bullion merchants, loose diamond segment, Central government, refiners, and those in colour stone and silver article/jewellery. IBJA would also set up a workers committee to represent needs of workers. Expansion of its global reach is also on cards, as per reports