Precious metals code proposed to regulate gold business

Gold delivery rules and spot exchange also on agenda, three committee likely to be set up

For better organisation and discipline in the bullion business, various stakeholders, including the representatives of gold value chain and the World Gold Council, have decided to implement the precious metals code for the gold business. This code will comprise the Dos and Don’t’s for bullion traders and its violation will attract actions by the authority implementing the code, most likely the apex bullion trade organisation Indian Bullion Jewellers Association (IBJA).

At a closed-door meeting in Mumbai’s Sahara Star hotel on Thursday, the issue was discussed among IBJA, WGS, India Gold Centre working under the Indian Institute of Management-Ahmedabad (IIM-A), commodity and