World Silver Council to be Established in India

(IDEX Online News) – The India Bullion and Jewellers Association (IBJA) plans to establish the World Silver Council in Januay. The new organization is designed to set quality standards and to work with the government on policy issues, according to a report in The Hindu.

The main objective of the organization will be to protect the interests of retail consumers, industrial users and silver producers by creating a uniform standard for silver jewelry.

According to The Hindu, India imports more than 7,000 tons of silver a year. Since there is no uniform silver standard, the resale price of silver jewelry is valued at only about 40-50 percent of the prevailing silver price.