IBJA Launches E-Commerce Platform for Gold Trading

SEATTLE (Scrap Monster): The Indian Bullion & Jewellers Association (IBJA) announced its decision to launch an e-commerce platform for gold trading. The official launch will be held tomorrow.

According to IBJA, the proposed business-to-business (B2B) web-based platform will initially link bullion dealers and jewellers with each other, by listing supply and demand data. This will enable networking between industry participants and marketing of gold jewellery items, which are now possible only through exhibitions arranged by the association. Later on, the platform will be expanded to include a business-to-consumer (B2C) module, which will provide customers with the unique experience of being able to purchase gold jewellery from the manufacturer of their choice. The launch of the B2C site may take several quarters, said Surendra Mehta, National Secretary, IBJA.

ALSO READ: IBJA Demands Tough Restrictions on Gold Bar Refining

The new B2B platform will in turn help to curb gold imports into the country, as traders could easily become aware about the amount of excess gold lying with jewellers or bullion dealers. In addition, it may prevent the practice of traders resorting to unofficially imported gold.

Earlier in August this year, a steering committee of gold industry associations including IBJA had submitted a blueprint for a spot gold exchange, which has not yet received government approval.