Page 31 - Bullion World Volume 02 Issue 08 August 2022

Bullion World | Volume 2 | Issue 08 | August 2022

liquidity. We have opened our branch office at GIFT Mr Surendra Mehta, National
City yesterday. There is a push toward being a part of Secretary, IBJA: As you all know,
the GIFT city ecosystem and developing it. IIBX and South India is one of the largest
bullion will form a part of these initiatives. gold jewellery markets. About
60% of India’s gold jewellery is
One thing IIBX should focus on is Liquidity. From sold in South India. What is there
the supplier side, we can ensure liquidity. We need in the South Indian gold jewellery
someone on the demand side to match the same. market? Let us try to find out. Let
me begin with Jayanti bhai.
Comment from Mr Prithviraj
Kothari: The supply-side should Mr Jayantilal J Challani,
be well represented. Ease of President, The Jewellers and
compliance on the buyer side is Diamond Traders Association:
needed. Also, a concession is South Indians are very
needed as capital is blocked in the conservative. They save first
new system for 48 hours against and then spend the rest. For
the current system. men, investment in gold means
financial security. For women, gold
Mr Ashok Gautam: We are jewellery symbolises social status. Thus, gold jewellery
working on a model where the purchase satisfies the requirements of both heads of
entire trade cycle (from remitting the family.
USD till delivery of Bullion
Depository Receipt (BDR)) is Mr Surendra Mehta: Sabarinath Ji, what more can
compressed to under three hours. further be done to improve the jewellery market in
We are working on that now and south India?
hope to come up with a solution
very soon. Mr Sabarinath B, President,
and Coimbatore Jewellers
Mr P R Somasundaram: One suggestion to IIBX; Association: The South Indian
have regular interactive sessions with industry jewellery market is developing
stakeholders once a fortnight for the first year. fast with population. The design
This engagement process would be effective in concept has improved a lot in the
identifying and resolving issues. last three years. Companies such
as Emerald are leading the way in
Discussion- Opportunities in South Indian Gold / this, as they have an excellent design team. This has
Silver Jewellery Market opened up the market for Coimbatore manufactured
jewellery to other parts of India and the rest of the
Moderator: Mr Surendra Mehta, National Secretary, world.
IBJA
People attach sentimental value to gold jewellery.
Panellists: Thus, jewellery gets passed on from one generation to
Mr Jayantilal J Challani, President, another.
The Jewellers and
Diamond Traders Association, Madras Mr Surendra Mehta: Ramesh sir, you have 52 retail
Mr Sabarinath B, President, stores and have an expansion plan. What is the
Coimbatore Jewellers Association reason the chain store concept does not succeed in
Mr Ba Ramesh, President, north India? Why does it succeed in south India?
Madurai Jewellers Association
Mr Chetan Mehta, Vice-President, IBJA
Mr Chanda Sreenivas, President, IBJA- Telangana

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