India Bullion & Jewellers Association (IBJA), which has decided to start the country's first physical gold exchange, will dissolve its existing governing board on January 2 and hold a fresh election on January 30 to appoint a new and expanded board.
"IBJA will dissolve the existing board on January 2 and hold fresh election on January 30, wherein the new governing board will be appointed.
"The new board will have four representatives from retailers, 1 from refiners, 2 from loose diamond traders, 1 each from colour stone, logistic & jewellery exporters, 4 from jewellery manufacturers and 2 from Central Government," IBJA said in a release here today.
The apex body for bullion and jewellery associations in India, the IBJA's national board will consist of President, two Vice Presidents, Secretary, Joint Secretary and Joint Treasurer.
An extra ordinary general meeting (EOGM) of association will be held on January 2, wherein a decision to expand the board will be taken, the release said.
The association also plans to set up offices in all States. Each state will have President, Vice-President and six state associate director, IBJA President Mohit Kamboj said.
To cater to the need of workers, IBJA proposes to set up a committee wherein Vice-President from each zone will be selected along with 20 associate directors for this panel, the release said.
Kamboj said the association will soon expand its presence in Europe, Africa and Middle East (West Asia) by appointing Vice-President and six directors in each of these regions.
IBJA last week signed an MoU with BSE for starting the country's first physical bullion exchange.
The proposed expansion of IBJA board and its drive to enlist 1,00,000 members will go a long way in ensuring success of of the new exchange, Kamboj said.
