Addressing a seminar in Mumbai, IBJA President Mohit Kamboj said the London Bullion Market Association quotes did not match prices in India. Ruth Crowell, chief executive officer of the London Bullion Market Association, reacted to this observation stating, “Whether it is the Indian gold standard or London gold standard is a matter of deliberation. The industry need to sit together to make it happen.”

Kamboj said gold prices in India between 2013 and 2015 had been quoting at a premium to the landed cost and over the last six months they were at a discount to the international price. These variations were not reflected in the London Bullion Market Association’s mechanism to fix the price of gold, he added.