Mohit Bharatiya steps down as president of IBJA; Prithviraj Kothari elected as new president

IBJA's representation in the Ministry and RBI on gold related matters has been a path breaking work under Bharatiya's leadership  

Post By : IJ News Service On 24 June 2019 10:06 AM

President of Indian Bullion and Jewellers Association Ltd (IBJA) Mohit Bharatiya steps down from his post after seven years of presidentship. Bharatiya spearheaded what is being known as the era of globalization and modernization of the Indian jewellery market. He is widely regarded as the person responsible for introducing the country to gold lending rates and gold spot exchange. He will be replaced by Prithviraj Kothari, Chairman of Riddhi Siddhi Bullions Limited (RSBL) and former Vice President of IBJA from 1st July this year.

The National Vice President of IBJA, Saurabh Gadgil has praised Bharatiya's efforts in taking the association to the footsteps of jewelers across the country. "One of the best things to happen during the last seven years was the nationalization and unification of jewellers of the country under IBJA. The body reached out to and enrolled 7000 jewellers from across the country from a mere 300 members earlier, making us the biggest jewellery body in the world. This network today not just assists the jewellers with accreditation but also the government in regularizing gold rates and gold lending rates on a daily basis", said Saurabh Gadgil.

IBJA's representation in the Ministry and RBI on gold-related matters has been a path breaking work of Bharatiya. "RBI's acceptance of IBJA rates for lending against jewellery and similar approval by the Finance Ministry for sovereign gold bonds were perhaps game changers for the sector. It also cleared our way to be included into Niti Aayog consultations for the transformation of the gold market. Today, we are at BSE for spot exchange and we are also advisor to MCX and NSE for the same", said Mohit Bharatiya.

"There is still a lot of work to do at domestic and global levels, but it was also time for some fresh thinking and fresher ideas, which is why I did not contest for the post this year. In the new President, Prithviraj Kothari, we have a visionary who is capable of taking the body forward," he added.

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