IBJA Demands Tough Restrictions on Gold Bar Refining

SEATTLE (Scrap Monster): The India Bullion and Jewellers Association (IBJA) has urged the country’s central bank to restrict gold bar making in India to only those gold refiners accredited by National Accreditation Board for Testing and Calibration Laboratories (NABL) or Bureau of Indian Standards (BIS). The move is aimed at curbing supply of impure or unethically sourced gold.

In its letter addressed to the RBI Governor Shakthikanta Das, IBJA noted that SEBI-controlled national commodity exchanges allow delivery of only imported bars or bars made by LBMA approved refiners. Other gold bars could be delivered on the exchange platform only along with a quality certificate, it said.

IBJA urged to implement urgent ban on manufacturing of gold bars by non-regulated refiners. Such a move will result in complete transparency in purity, sourcing and accountability of gold in the country, it added.