Archive · 28 Sep 2025
Indian Bullion Lobby Seeks Local Gold Acceptance
Imagine you're buying gold.
Right now, the gold used in investments comes from other countries.
The India Bullion & Jewellers Association (IBJA) wants to change this.
They want to use gold made in India instead, like "Made in India" gold.
This would support local businesses and save money.
The gold made in India is already high quality.
However, one expert suggests a system to ensure the gold is responsibly and ethically sourced, just like the existing system.
This way, it can fully replace the imported gold used in investments.
India's bullion lobby wants exchanges and ETFs to accept Indian-refined gold and silver bars.
This aligns with the "vocal for local" initiative and could save foreign exchange.
Currently, exchanges and ETFs use imported, LBMA-approved bars.
Indian-made gold bars are refined in BIS-approved refineries.
An expert suggests implementing a responsible sourcing mechanism for the Indian gold.
- Who
- India Bullion & Jewellers Association (IBJA)
- What
- Demanding regulatory intervention to allow Indian-refined gold and silver bars on commodity exchanges and ETFs.
- When
- The demand was presented in a letter on Friday.
- Where
- India
- Why
- To align with the "vocal for local" initiative and conserve foreign exchange.
- Organization Requesting Change
- India Bullion & Jewellers Association (IBJA)
- Targeted Entities
- MCX, gold and silver ETFs
- Current Standard
- LBMA-approved gold and silver bars
- Proposed Standard
- India Good Delivery (IGD) bars
- Reason for Change
- Support 'vocal for local' and save foreign exchange
- IGD Approval
- BIS and NABL certified refineries