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IBJA proposes establishment of self-regulatory division for digital gold

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The India Bullion and Jewellers Association (IBJA) today announced a major initiative to enhance market integrity and consumer confidence in India’s rapidly expanding Digital Gold industry: the proposal to establish a dedicated, self-regulatory division. This crucial step is intended to foster consumer trust and ensure market integrity, while proactively demonstrating effective self-governance to potentially pre-empt the need for external government regulation2 .

Key Components of the Proposed Initiative

The IBJA will formally establish a distinct Self-Regulatory Division (SRD) solely focused on the governance of digital gold. This division will be responsible for drafting the Self-Regulatory Framework (SRF), registering entities, and setting up the compliance monitoring and enforcement mechanism.

 Consultative and Development Process

To ensure broad industry acceptance, IBJA’s initial action will be to convene a Digital Gold Industry Consultative Meeting (DGICM). Key invitees will include major digital gold providers, custodians, consumer advocacy groups, and regulators for informational exchange. Following the DGICM, IBJA will formulate a comprehensive Consultation Paper (CP) detailing proposed rules in critical areas, including:

 • Custody Standards: Clear rules on minimum purity physical backing, insurance, and segregation of the underlying bullion. • Consumer Protection: Rules on clear communication of risks, fees, and a defined grievance redressal mechanism.

 • Compliance & Audit: Requirements for independent, periodic audits. Framework Timeline and Enforcement The Final Self-Regulatory Framework (F-SRF) is targeted for official publication by March 31, 2026. It is scheduled to become fully effective from April 1, 2026, onwards, allowing the industry a 4-month transition period to align systems and processes. Adherence to the F-SRF will be mandatory for all participating entities registered with the IBJA-SRD-DG.

Transparency and Audit Mechanism

 A cornerstone of the F-SRF is transparency, aiming to eliminate public doubts about the physical backing of digital gold. The framework will mandate a quarterly independent audit of the physical gold reserves of all member entities.

 • Auditor Requirement: Audit to be conducted by industry experience auditing firm.

Transparency Portal: IBJA will establish a Digital Gold Transparency Portal to publicly display anonymized, aggregated compliance data and summaries of audit findings. The SRD will have the authority to impose penalties, fines, and suspension for non-compliance with the audit mandate or the F-SRF rules.

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Abaran Timeless Jewellery Champions Heritage Conservation To Safeguard Traditional Craftsmanship

Support For Hastashilpa Heritage Village Reflects A Commitment To Preserving India’s Architectural and Artisanal Legacy For Future Generations.

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As India’s historic buildings continue to face mounting pressure from urbanisation, redevelopment, and changing lifestyles, concerns are growing not only about the loss of architectural landmarks but also the disappearance of the traditional skills and craftsmanship that created them. Recognising this challenge, Abaran Timeless Jewellery has extended its support to Hastashilpa Heritage Village, reinforcing the importance of preserving cultural heritage and artisanal knowledge.

Through the Abaran Foundation, the philanthropic arm of the Bengaluru-based jewellery house, the company supports a range of initiatives spanning education, healthcare, community welfare, arts, and heritage conservation. Its association with Hastashilpa Heritage Village reflects a deeper commitment to protecting India’s rich cultural legacy beyond the jewellery industry.

Located in Manipal, Hastashilpa Heritage Village is regarded as one of India’s most significant heritage conservation projects. Founded by conservationist Vijaynath Shenoy, the village has successfully rescued and reconstructed traditional homes from across coastal Karnataka, preserving architectural styles and craftsmanship that may otherwise have been lost to neglect or redevelopment.

The conservation process shares many similarities with the art of jewellery making. Every carved beam, decorative element, and handcrafted detail requires meticulous documentation, restoration, and respect for traditional techniques. Much like restoring an heirloom jewel, preserving heritage architecture demands both technical expertise and cultural sensitivity.

For Pratap Kamath, Managing Director of Abaran Timeless Jewellery, the initiative holds personal significance. He noted that the heritage village is located in Udupi, where Abaran was originally founded by his grandfather, Sri Sadanand Kamath. According to Pratap Kamath, the company was inspired by the efforts to preserve heritage homes that might otherwise have vanished as younger generations moved away in search of new opportunities.

His observations reflect a wider concern within the luxury and craft sectors. Whether restoring a centuries-old structure or creating a handcrafted jewel, both disciplines depend on knowledge and expertise that cannot be easily replicated through mass production. Once lost, such skills are extremely difficult to recover.

At the same time, consumers are increasingly drawn to brands that demonstrate authenticity, cultural relevance, and a commitment to preserving heritage. As a result, heritage conservation is evolving from a philanthropic activity into an important reflection of a brand’s values and identity.

Initiatives such as Hastashilpa Heritage Village serve as an important reminder that heritage extends beyond products—it also includes the ecosystems of craft, culture, knowledge, and tradition that make those creations possible.

As India’s architectural treasures and jewellery traditions navigate similar challenges, efforts to preserve one may ultimately help protect the other, ensuring that valuable skills and cultural legacies continue to inspire future generations.

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