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10th edition of IIBS puts the spotlight on trends, policies, and innovations in the bullion and jewellery markets

Platform for key stakeholders, including refiners, jewellers, traders, policymakers, and financial institutions to deliberate key issues

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The 10th edition of India International Bullion Summit (IIBS-10)  organized by India Bullion & Jewellers Association’s (IBJA) was held in Mumbai on 7th & 8th March, 2025. More than 800 bullion dealers and jewellers attended this event.IIBS provided a platform for key stakeholders, including refiners, jewellers, traders, policymakers, and financial institutions to deliberate.

 IIBS was formally unveiled by Dr. Hasmukh Adhia – IAS (Retd.) – Chairman, GIFT City in the presence of Guests of Honour Pradeep Ramakrishnan – Executive Director – International Financial Services Centres Authority (IFSCA), Prithviraj Kothari – National President – India Bullion and Jewellers Association Ltd (IBJA), David Tait – Chief Executive Officer – World Gold Council, Shivanshu Mehta – SVP & Head-Bullion, MCX Director, IIBX IFSCÂ LTD, Rajesh Rokade – Chairman – All India Gem and Jewellery Domestic Council (GJC), Samit Guha – Chief Financial and Technology Officer – MMTC – PAMP India Private Limited

Dr. Hasmukh Adhia, IAS (Retd.)- Chairman, GIFT City said, “Don’t be complacent about the US tariff as the collateral damage will happen to India, but we have to watch out how industrial trade will shape and we hope that the outcome of US tariff will be good on India. I believe the Indian economy is doing well but India needs formalization of gold and we would like to address any concerns of the bullion Industry. I wish IBJA a grand success. Thank you  for organizing this knowledgeable summit and inviting me to be a part of it.”

Prithviraj Kothari, National President, IBJA speaking at 10th IIBS said, “Bullion and Jewellery plays a great role in boosting the economy and it will continue to in future. Also, Gold and Silver has been in the limelight for the past five years and will continue further. IBJA has been active to support industry and to help grow the jewellery industry, we make sure that Gold Monetization Scheme is more accessible to SME Jewellers and IBJA is committed to maintain transparency in the Gold and Bullion Industry. I welcome everyone on behalf of IBJA to take advantage of this summit and thank you for the overwhelming response.”

The panel discussion included topics like Silver Industry Growth – Challenges And Opportunity, India’s Golden Ambition For Jewellery Market, Bringing Artisan In Main Stream, Leadership in Retail Jewellery Business, Is FTA & CEPA Distorting Market, Vision 2047 For Gold Industry by World Gold Council, Cyber Fraud in Gems & Jewellery Sector, Generating Funds For Gold Industry, Hedging Tool For Jewellers In Volatile Market, Bullion Hallmarking – A Way Forward, Opportunity at IIBX, Consumer Insights: The Role of Gold Jewellery, Gold Outlook and Regulation Governing Bullion And Jewellery Market was also discussed.

Speakers for the conference included eminent personalities like  Sachin Jain – World Gold Council,  Sudheesh Nambiath – DMCC, Prof. Sundaravalli Narayanaswami – India Gold Policy Centre (IGPC),  Harish Pawani – Bin Sabt Jewellery LLC, Dubai, Dr. Saurabh Gadgil – PNG Jewellers,  PR Somasundaram – Industry Alumnus,  D. K. Surana – Intensive Fiscal Services Private Limited,  Ashok Gautam – India International Bullion Exchange IFSC Ltd (IIBX),  Avinash Pahuja,- ORO Precious Metals Pvt. Ltd., Varghese Alukkas -Jos Alukkas, Ba.Ramesh – Thangamayil Jewellery Limited.

The most interesting discussion was in respect of the Regulation Governing Bullion and Jewellery Market looks at the gold industry. Sachin Jain – Regional CEO, India of World Gold Council explained about the Vision 2047 For Gold Industry.Shivanshu Mehta – SVP & Head-Bullion- Multi Commodity Exchange of India Limited (MCX), Director, IIBX IFSC LTD explained Hedging Tool for Jewellers in Volatile Market

 Elwin Jose – Head – Product Development, Strategy and Services – National Stock Exchange of India Ltd (NSE) explained the Pathway for Price Risk Management: Integration Bullion Spot & Derivatives Market.  Ashok Gautam – MD & CEO- India International Bullion Exchange IFSC Ltd (IIBX) and  Ajit Mauskar – Director, Market Infrastructure India and Middle East – World Gold Council explained the opportunity at IIBX. Kavita Chacko – Research Head, India- World Gold Council explained Consumer Insights: The Role of Gold Jewellery. Prithviraj Kothari- National President -India Bullion and Jewellers Association Ltd. Stated that IBJA will continue to work for the benefit of industry bringing transparency to the entire trade.

IBJA has also launched initiatives such as the “IBJA Verified Tag” for Platinum Members to ensure their online accounts represent legitimate and authentic businesses or brands. IBJA is also working on a jewellers awareness campaign in the entire country by educating the jewellers through various webinar and seminar. IBJA will soon be launching an innovative programme to boost the skills of karigars. IBJA is also setting up a world class bullion refinery at Gift City, Gujrat. IBJA is also honouring jewellers for their CSR activity.

The event was also followed by The India Bullion and Jewellers Association (IBJA) awards recognizing excellence in the jewelry and bullion industries. 

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National News

A Tiny Hallmark Number, A Gold Bangle, and A Remarkable Reunion With Malabar Gold & Diamonds

Malabar Gold & Diamonds Traces Rightful Owner Through HUID-Enabled Records, Reinforcing Trust, Transparency and Customer-First Practices

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Losing a valuable piece of gold jewellery is often accompanied by the fear that it may never be recovered. Beyond its monetary worth, jewellery frequently carries deep emotional significance, representing family memories, milestones and cherished moments that are impossible to replace.

In a heartwarming incident that underscores the power of trust, transparency and technology in modern jewellery retail, a bangle was recently reunited with its rightful owner, thanks to the Hallmark Unique Identification (HUID) system and the robust customer record management processes followed by Malabar Gold & Diamonds.

The journey of the lost bangle back to their rightful owner began when a member of the public handed them over to a local jewellery establishment after finding them. During the verification process, the Hallmark Unique Identification (HUID) number engraved on the jewellery was identified and examined.

Through the BIS hallmarking ecosystem, it was established that this jewellery had originally been hallmarked for Malabar Gold & Diamonds. The information was subsequently shared with Malabar’s HUID and technical teams, which leveraged the company’s technology-enabled record management and traceability systems to identify the original point of sale and trace the customer.

The customer, who is currently residing in the United States, was subsequently informed that her jewellery had been safely recovered. Given her overseas location, arrangements were made for her mother in India to collect the bangle on her behalf from the Malabar showroom.

This incident highlights how technology is increasingly enabling responsible jewellery practices and enhancing customer trust. At Malabar Gold & Diamonds, investments in digital record management, traceability systems and customer-centric processes help strengthen transparency and accountability across the jewellery ownership journey. By combining the assurance of hallmarking with robust technology-enabled systems, the company is able to offer customers greater confidence, security and peace of mind long after a purchase has been made.

Commenting on the incident, Mr. M. P. Ahammad, Chairman, Malabar Group, said:

“At Malabar Gold & Diamonds, trust is the foundation of every customer relationship. While jewellery is often valued for its purity and craftsmanship, it also carries deep personal significance and cherished memories. This incident demonstrates how responsible retailing, transparent processes and technology-enabled traceability can come together to protect customer interests beyond the point of purchase.”

“Technology is increasingly becoming an enabler of trust in the jewellery industry. Our investments in traceability, customer record management and technology-enabled processes are aimed at creating a more transparent and secure ownership experience for customers. This incident is a powerful example of how these systems can help protect customer interests and reinforce confidence in the brand.”

“The Hallmark Unique Identification (HUID) system, coupled with our robust record management processes, enabled us to trace the rightful owner and facilitate the safe return of the jewellery. We are delighted that the bangle has been reunited with their owner and family, reaffirming our commitment to customer-first practices, transparency and accountability.”

Expressing her gratitude, Miss. Murugesan, said:

“When I realised the bangle was missing, I thought they were gone forever. Receiving a call from Malabar informing me that they had traced and secured them came as a complete surprise. The bangle is not just valuable jewellery; they hold precious memories for my family. I am deeply grateful to the Malabar team for their honesty, professionalism and efforts in ensuring they were returned to us. Knowing that such systems and processes exist gives customers tremendous confidence and peace of mind.”

As the world’s fourth largest jewellery retailer, Malabar Gold & Diamonds has consistently championed transparency, ethical business practices and customer-centric innovation. The company continues to invest in systems and processes that enhance traceability, strengthen customer confidence and uphold the highest standards of accountability across the jewellery ownership journey.

For one family, the recovery of the lost jewellery marked the return of a cherished possession. For the wider jewellery industry, it serves as a powerful reminder that when trust, transparency and technology work together, even the smallest hallmark can help bring priceless memories back home.

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