India Bullion and Jewellers Assosciation

What India Bullion and Jewellers Assosciation does

India Bullion and Jewellers Association Ltd. (IBJA), founded in 1919 and headquartered in Zaveri Bazaar, Mumbai, is the apex trade association for India's bullion and jewellery industry. It serves more than 50,000 active members — bullion dealers, jewellers, refiners, and allied service providers — across all 29 Indian states through a national board, governing board, jewellery division, Mumbai board, and state-level boards. Its core functional product is the daily AM and PM indicative gold and silver rate benchmark across purities (Fine Gold 999, 22KT, 20KT, 18KT, 14KT), which the Reserve Bank of India and Ministry of Finance have formally adopted as the benchmark for Sovereign Gold Bond issuance and which banks and NBFCs are required to use as the benchmark for lending against jewellery collateral. IBJA also operates on-site bullion infrastructure at its Zaveri Bazaar headquarters, including XRF spectrometry assaying, gold melting, hallmarking, medallion and coin manufacturing, metal weighing (Dharam Kanta), and locker services.

The association monetises through a tiered subscription model (Platinum Membership at Rs 2.5 lakh + 18% GST, World Silver Council at Rs 50,000 + GST, Youth Wing at Rs 1.51 lakh + GST, and a mass-market Preferred Jeweller tier at Rs 5,000 incl. GST annually), supplemented by event and exhibition revenue (IIBS Summit, Silver Show, Awards, Fashion Shows), bulletin and directory advertising, the India Gold Rates API for fintech integration, IBJA Verified trust badges for online jewellery commerce, the IBJA Digital Gold Framework SRO, and the JewelProtect jewellery protection plan. IBJA is currently investing in a Domestic Gold Spot Exchange, a captive bullion refinery, and a gems & jewellery park spread across 87 acres in Navi Mumbai. It is governed by elected national office-bearers led by National President Prithviraj Kothari, supported by a professional management team including CEO Ankita Wadke and COO Saurabh Mishra, and operates without external equity, venture, or institutional investment.

Name

India Bullion and Jewellers Assosciation

Legal name

India Bullion and Jewellers Association Ltd.

Website

https://ibja.co

Company type

Private

Founded year

1919

Operating status

Operating

Headcount range

51–100 employees

Short description

India Bullion and Jewellers Association (IBJA) is a 1919-founded, Mumbai-headquartered trade association serving 50,000+ bullion dealers and jewellers across 29 Indian states, and publishes the RBI-adopted national daily benchmark for gold and silver rates.

Ownership category

akta.pro rank

Product category

Bullion and Jewellery Trade Association Services

NAICS

Securities and Commodity Exchanges (5232)

SIC

Wholesale-Jewelry, Watches, Precious Stones & Metals (5094)

akta.pro primary industry

Precious Metals Bullion & Concentrates Trading (Gold, Silver, PGM) (IMAKAJAD)

akta.pro secondary industry

Fine Jewelry Wholesale & Trading (CRAKAAAL)

Keywords

• Gold rate benchmarking
• Bullion trade association
• Precious metals assaying
• Jewellery industry advocacy
• Digital gold self-regulation

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure, Others

Revenue model

1. Membership Fees: IBJA generates revenue through various paid membership tiers including Platinum Membership (Rs. 2,50,000 + 18% GST), World Silver Council membership (Rs. 50,000 + 18% GST), IBJA Bullion Youth Wing (Rs. 1,51,000 + 18% GST for non-platinum related entities), and Preferred Jeweller membership (Rs. 5,000 incl. GST annual). These memberships provide credentials, voting rights, directory access, event benefits, and promotional tools.
2. Event and Exhibition Revenue: IBJA organizes and sponsors industry events including the India International Bullion Summit (IIBS), IBJA Awards, Golden Girls Award, IBJA Fashion Show, Zaveri Bazaar Festival, and Silver Show of India, generating sponsorship, booth, and participation revenue.
3. Bullion Services (Melting, Assaying, Hallmarking, Medallions, Dharam Kanta): IBJA provides on-site services including gold melting, assaying, XRF spectrometry, hallmarking, medallion and coin manufacturing, metal weighing (Dharam Kanta), lockers, and communications services from its Zaveri Bazaar facility in Mumbai.
4. Bulletin Advertising and Directory Listings: IBJA Bulletin and IBJA Golden Directory provide advertising and listing platforms for members and industry participants, generating advertising revenue.
5. API and Digital Platform Services: IBJA offers the India Gold Rates API for fintech integrations and premium digital promotion on its official YouTube channel and social media platforms for a fee.

Pricing tiers

Distribution channels5 records

Marketing channels9 records

Core offering

India Bullion and Jewellers Association (IBJA) operates as the apex non-profit trade association for India's bullion and jewellery industry, publishing the national daily AM and PM benchmark gold and silver rates adopted by the RBI and used for Sovereign Gold Bond pricing and jewellery lending. It offers its 50,000+ members services including assaying and hallmarking via XRF spectrometry, an India Gold Rates API, a B2B bullion trading platform, the IBJA Verified trust badge programme, and the IBJA Digital Gold Framework self-regulatory organisation for digital gold firms. Revenue is generated through tiered membership subscriptions, event sponsorships, API and digital platform fees, advertising in IBJA Bulletin, and professional service charges.

Product overview

India Bullion and Jewellers Association Ltd. (IBJA) operates as a non-product technology company that primarily functions as a standards-setting body and industry association for India's bullion and jewellery sector, rather than a software product company. Its core 'product' is the publication of daily indicative gold and silver benchmark rates (AM and PM) across purities from Fine Gold (999) down to 14 KT, which are formally adopted by the Reserve Bank of India and the Ministry of Finance as the benchmark for Sovereign Gold Bond issuance and by NBFCs/banks for lending against jewellery. IBJA supplements these benchmark rates with a suite of member-facing services including the India Gold Rates API (programmatic rate access), the Gold Terminal (jeweller rate booking platform), IBJA Bullion (B2B product promotion), IBJA Verified (digital trust badges), the IBJA Digital Gold Framework (self-regulatory framework for digital gold firms), the IBJA Jewellery & Knowledge Park / IBJA Gyan (industry education via webinars and seminars), and daily IBJA Bullion Market Reports. The portfolio functions as a rate-infrastructure + member-services model rather than a unified software platform.

Differentiator

Problem solved

Functional benefit

Brands

• IBJA Rates (ibjarates.com): Official website for publishing daily indicative gold and silver rates
• India International Bullion Summit (IIBS)
• IBJA Bullion (ibjabullion.com)
• IBJA Bulletin (ibjabulletin.com)
• IBJA Golden Directory (ibjadirectory.com)
• IBJA Verified (ibjaverified.com)
• IBJA Digital Gold Framework (ibjadbf.com)
• IBJA Gold Terminal
• JewelProtect (jewelprotect.com)
• India Gold Rates API (indiagoldratesapi.com)
• World Silver Council
• IBJA Bhagyaxlaxmi Festival Scheme
• IBJA Fashion Show
• Golden Girls Award
• IBJA Award

Products and services

• India Gold Rates API Programmatic API providing live and historical IBJA daily gold and silver benchmark rates across purities (Fine Gold 999, 22KT, 20KT, 18KT, 14KT) for integration into third-party fintech platforms and applications.
• IBJA Gold Terminal (Gold Rate for Jewellers) Digital booking and rate management platform for jewellers to access IBJA's indicative retail selling rates and related market data for in-store pricing and inventory management.
• IBJA Digital Gold Framework Self-regulatory organisation framework for digital gold firms providing compliance, governance, and oversight for digital gold products in India.
• IBJA Verified Verification and trust badge service for online jewellery and bullion accounts, providing verified tag credentials to platinum members to establish legitimacy in digital commerce.
• IBJA Bullion (B2B Platform) B2B bullion platform providing trade facilitation services and a Product Promotion Platform enabling targeted promotional branding across IBJA's social channels for member brands.
• IBJA Indicative Retail Selling Rates Daily AM and PM indicative retail selling rates for gold jewellery across multiple purities (Fine Gold 999, 22KT, 20KT, 18KT, 14KT) and silver rates, serving as the national benchmark for the jewellery industry and used by the RBI for Sovereign Gold Bond pricing.
• IBJA Bullion Daily Reports Daily market update reports published by IBJA providing benchmark rates, market commentary, and analysis on gold and silver prices, distributed in PDF format.

Quantifiable outcome

• IBJA rates are the mandated benchmark for Sovereign Gold Bond redemption prices, directly determining investor returns for all SGB holders in India.
• +2 more outcomes

Named customers1 record

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Feature8 records

Partnerships

One partnership is on record.

• World Silver CouncilcoreStrategic or Co-development Partner · 1 January 2015IBJA established the World Silver Council, officially launched on 26 December 2015 at Sofitel Mumbai BKC. The council promotes silver usage, addresses industrial demand, and provides a platform for Indian silver stakeholders. It has its own paid membership tier (Rs. 50,000 + 18% GST) with voting rights, exchange ownership eligibility, and special event access. Bhargava Vaidya serves as the head of the World Silver Council.

Scale indicators5 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• Multi Commodity Exchange of India (MCX): MCX is India's largest commodity derivatives exchange trading gold, silver, and other commodity futures. It is the most relevant comparable for IBJA's planned Domestic Gold Spot Exchange and competes with IBJA in gold price discovery through its gold futures contract benchmark used across the Indian market.
• London Bullion Market Association (LBMA): LBMA is the global trade association that sets the international benchmark for gold and silver (LBMA Gold Price, Silver Price). LBMA is the international analog to IBJA's role as India's national precious-metals benchmark publisher and assaying standards body.
• Bureau of Indian Standards (BIS) — Hallmarking: BIS administers the mandatory hallmarking regime for gold jewellery in India, working with IBJA's hallmarking centres. It is a government body whose standards framework intersects directly with IBJA's assaying, hallmarking, and member verification services.
• Bombay Stock Exchange (BSE): BSE is one of Asia's oldest exchanges and historically traded bullion alongside equities. BSE provides benchmark infrastructure and data services comparable to IBJA's role in publishing daily gold rates for the broader market.
• World Gold Council: World Gold Council is the market development body for the gold industry, supporting gold demand across investment, jewellery, and technology. It is comparable to IBJA's industry advocacy, research, and demand-development function across multiple markets globally.

Direct peers

• Gems and Jewellery Export Promotion Council (GJEPC): GJEPC is the apex body for gems and jewellery exports in India, set up by the Ministry of Commerce. It is a directly comparable trade association covering an overlapping (jewellery) segment of IBJA's membership base and competing for policy advocacy influence.
• MMTC-PAMP India: MMTC-PAMP is India's leading precious metals refinery and digital gold platform operator, a joint venture of MMTC and PAMP (Switzerland). It is comparable to IBJA's planned bullion refinery and digital gold SRO framework and operates in the same supply chain and standards ecosystem.
• India International Bullion Exchange (IIBX), GIFT City: IIBX is the IFSC-based bullion spot exchange established to facilitate international bullion trading into India. It directly competes with IBJA's planned Domestic Gold Spot Exchange and represents the government-backed alternative for formalising India's bullion trade.

Emerging players

• Augmont GoldTech / Augmont Enterprises: Augmont is one of India's leading digital gold platforms and a precious metals refiner/marketer. It is a participant that would fall under IBJA's Digital Gold SRO framework and competes with IBJA-aligned bullion platforms in the digital gold space.

Others

• Tanishq (Titan Company): Tanishq is India's largest organised jewellery retailer and a key institutional user of IBJA's daily benchmark rates for retail pricing. While not a competitor, Tanishq represents the downstream customer ecosystem that depends on IBJA's published rates.

Market position

Competitive moat6 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/IBJA1919
• Facebookfacebook.com/IBJA1919
• LinkedInlinkedin.com/company/india-bullion-and-jewellers-association-ltd-

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

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