India's Gold Ambition: IBJA Pushes for 'Made in India' Bullion in Exchanges & ETFs
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- September 29, 2025
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In a significant push towards solidifying India's position in the global bullion market and championing the 'Make in India' initiative, the Indian Bullion and Jewellers Association (IBJA) has made a fervent appeal to key regulators. The association is urging the government, the Securities and Exchange Board of India (SEBI), and leading commodity exchanges to mandate the acceptance of domestically refined gold and silver bars within India's burgeoning financial ecosystems, specifically in exchanges and Gold ETFs.
This bold proposal is not merely about promoting local products; it’s a strategic move designed to inject unprecedented vigor into India’s indigenous bullion industry.
Currently, a vast majority of gold and silver transactions on Indian exchanges, and the underlying assets of Gold ETFs, predominantly rely on internationally refined bars. IBJA argues that this status quo overlooks India's impressive and growing capabilities in gold and silver refining, which have evolved to meet global standards.
The core of IBJA's argument rests on several pillars.
Firstly, by integrating India-made bars, the nation can significantly reduce its heavy reliance on bullion imports. This not only conserves valuable foreign exchange but also strengthens the domestic supply chain, making it more resilient to international market fluctuations. Secondly, it provides a monumental boost to local refiners, encouraging investment in advanced technologies and creating a ripple effect of job opportunities across the value chain, from mining to manufacturing.
Furthermore, IBJA envisions a future where India, a nation with an insatiable appetite for gold, can potentially establish its own global price benchmark.
For too long, India has been a price-taker in the international bullion market. By fostering a robust domestic market that accepts its own high-quality refined products, the groundwork can be laid for India to influence, if not set, global gold prices, reflecting the true demand and supply dynamics within one of the world's largest gold consumers.
To facilitate this transition, IBJA is also advocating for the creation of an "India Good Delivery" standard, akin to the internationally recognized London Bullion Market Association (LBMA) Good Delivery list.
This indigenous standard would certify the quality and authenticity of India-made gold and silver bars, building trust and ensuring that only the highest quality products enter the financial market. Such a standard would streamline the process for exchanges and ETFs to incorporate local bullion with confidence.
The timing of this appeal is crucial, aligning with the government's broader efforts to formalize and integrate India's vast and often fragmented gold market.
From the introduction of Hallmarking to various initiatives promoting transparent trade, the aim has been to bring the bullion sector into the mainstream financial framework. IBJA's proposal aligns perfectly with this vision, promising enhanced market liquidity, greater transparency, and a powerful statement of self-reliance for India's precious metals sector.
As discussions unfold with regulators, the potential impact of IBJA's proposition is immense.
It could mark a turning point for India's bullion industry, transforming it from a mere consumer into a formidable player on the global stage, powered by its own ingenuity and resources.
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