In line with the London Bullion Market's (LBMA) best practices, the India Bullion and Jewellers Association (IBJA) has proposed before the government the "Good Delivery Rules" for gold and silver bars. The India Good Delivery Bar will be formed by domestic refiners.
However, Rajesh Khosla, Director, IBJA said that "the rules on networth and quantity followed by LBMA will be diluted as most gold refiners here lack the economies of scale that overseas refiner possess."
The association has called for public views on the draft proposal. IBJA may include some of these suggestions and forward an updated draft to the government, which is expected to be used in the formulation of a gold policy.