MCX, IBJA in tie-up to set up bullion spot exchange

INSUBCONTINENT EXCLUSIVE:
Kolkata: Multi Commodity Exchange of India Ltd (MCX) signed an MoU with India Bullion and Jewellers Association Ltd (IBJA), the apex
industry body for all bullion and jewellery associations in India on various cooperation activities for the growth and development of
in the country for bullion stakeholders for efficient price discovery and transparency. Gold Spot Exchange, once set up, would help
It would further lead to assurance in the quality of gold, provide for a robust settlement mechanism, multiple delivery centres, active
retail participation, greater integration with financial markets, and boost recycling
It would also give a fillip to the gold monetization efforts of the Govt
through transparency and standardization of the gold market. Both MCX and IBJA have been continuously working towards furthering the
development of bullion and jewellery sector in India
By virtue of this MoU, the entities would also undertake a series of initiatives such as organising joint seminars and awareness programmes
on price risk management for bullion traders and jewellers across the country
These awareness programs would serve to wean away the small and medium sized jewellers from unorganized markets, while educating them about
management books of account
Moreover, the entities would facilitate measures to deepen commodity derivatives market and encourage participation of corporates/firms
worked jointly with missionary zeal for creating awareness on risk management and regulatory compliances among bullion traders and jewellers