National News
IBJA Youth Wing Successfully Hosts IBJA Youth Premier League at Grand Saya Resort
The Indian Bullion and Jewellers Association (IBJA) Youth Wing proudly announced the successful completion of the IBJA Youth Premier League, a two-day cricket extravaganza held on 27th and 28th June 2025 at the picturesque Grand Saya Resort.
The event brought together vibrant and passionate youth members of IBJA from across the industry, promoting camaraderie, wellness, and sportsmanship through the spirit of cricket. Held amidst an atmosphere of excitement and healthy competition, the tournament saw enthusiastic participation, strategic gameplay, and unforgettable moments both on and off the field.
With multiple teams representing different segments of the jewellery and bullion sector, the league format ensured fair play and showcased emerging talent within the community. The matches were conducted professionally, with live commentary, umpiring, and scorekeeping, reflecting the high standards set by the IBJA Youth Wing.
Mr. Prithviraj Kothari President of the IBJA , expressed his gratitude:
“We are delighted with the overwhelming response and sportsmanship displayed by our members. The IBJA Youth Premier League was more than just a cricket tournament—it was a celebration of unity, leadership, and the vibrant energy of the next generation of our industry.”
The Grand Saya Resort provided a perfect backdrop, combining luxury and leisure with a spirit of festivity and engagement. The event concluded with a grand awards ceremony, recognizing the winning team, standout performers, and the collective enthusiasm of all participants.
The IBJA Youth Wing continues to remain committed to fostering professional development, community building, and wellness-driven initiatives for young members of the industry.
In all there were 8 teams with more than 90 players who played 22 matches which included two celebrity matches for sponsors and other members too. Vardhman Lions team was declared the winner of the tournament.
National News
Gold Industry Proposes New Strategy To Cut Imports and Boost Local Economy
Precious Metals Refineries Forum (PMRF) Has Proposed A Two-Track System To Manage Gold More Efficiently
Following Prime Minister Narendra Modi’s call to reduce gold imports and foreign travel, major Indian bullion and jewellery bodies have submitted a new plan to the government and the Reserve Bank of India (RBI). The strategy aims to lower the nation’s trade deficit by tapping into the estimated 30,000 tonnes of gold sitting in Indian households.
This move comes after India’s gold imports jumped 24% to a record $71.9 billion in the 2025-26 financial year, with over 721 tonnes of gold brought into the country.
The New Strategy: Two Separate Systems
The Precious Metals Refineries Forum (PMRF) has proposed a two-track system to manage gold more efficiently:
- For Exporters:Â Imported gold should be strictly saved for jewellery exporters using one-year Gold Metal Loans (GML).
- For Local Buyers:Â Domestic demand should be met entirely by recycling household gold. This gold would be collected from citizens, refined locally, and sold back through jewellers and retailers.
Under this plan, people who deposit their idle gold could earn 2% to 2.5% interest, while businesses taking gold loans would pay an interest rate of 3% to 4%.
Fixing Why Past Schemes Failed
Previous government gold schemes failed to gain traction primarily because they left out local jewellers and lacked a proper banking structure. Without a joined-up system, institutions faced high financial risks from changing gold prices.
To fix this, trade bodies are calling for a complete system that includes:
- Direct involvement of trusted local jewellers. The schemes did not take off in the past because jewellers were not part of them. About 10% to 20% of family gold is held as bars or coins.
- Strong bank backing and secure storage vaults across the country.
- Tax incentives, such as removing the 3% GST loss when physical gold is converted into Electronic Gold Receipts (EGR), and offering income tax relief on the interest earned.
Industry Support
Industry experts say a smooth system is already possible. Collection and purity testing centres have confirmed that collected household gold can be processed within 48 hours and safely moved to secure, bank-approved vaults.
Representatives from the Indian Bullion and Jewellers Association (IBJA) recently held discussions with RBI officials to fast-track these changes.
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