Page 5 - Bullion World Volume 02 Issue 01 May 2022

Bullion World | Volume 2 | Issue 01 | May 2022

EDITORIAL

Dear Readers,

Hope you are in good health.

The Gold industry has witnessed so many developments
recently; after India and UAE signed the CEPA on February
18th, 2022, the first export consignment was shipped on
May 1st 2022. The International Bullion Exchange got
operational at Gift City, Gujarat, on the 18th of April 2022.
It’s indeed a golden era starting for Indian Gold Industry.

Gold imports into India increased to USD 46.14 billion in FY2021-
22 from USD 34.62 bullion in FY 2020-21, due to higher demand.
In volume terms, Gold imports stood at 842.28 tonnes for April
2021 to February 2022 period. India is the second largest consumers of Gold and the jewellery industry
essentially drives the imports. Talking about the export, the gems and jewellery exports during 2021-22 grew
by about 50 per cent to USD 40 billion. It’s expected to grow further with the new trade agreement with UAE.

This month of Bullion World contains a set of captivating articles. We have a summary of the
webinar on "Discussion on Chapter-71 of HS Code of India-UAE CEPA". We have, "Why India should
take a step forward to join the International Vienna Convention on hallmarking, and it is the right
time. "Consumption of gold in Indian households is the highest among the middle-income group –
those with annual income between Rs 2 lakh and Rs 10 lakh are consuming an average of 56 per
cent of the total volume of the yellow metal sold in the country in the last five years", according to
nationwide household gold consumption survey by India Gold Policy Centre (IGPC) at the Indian
Institute of Management, Ahmedabad (IIM-A). We have presented a summary of the survey in this issue.

The Indian Gold Industry is going through a transformation, which was required for a long time. The
need of the hour is industry integration, for which a lot of initiatives are taken to create transparency
within the Gold bullion and jewellery Industry. One such industry initiatives is “Swarna Adarsh Abhiyaan;
it’s by the industry for the betterment of the industry. The idea is to promote a holistic and inclusive
way of doing business. The principles of SAA is guided by the Retail Gold Investment Principle (RGIP)
of the World Gold Council. The objective of the initiative is to Build trust in product and suppliers
and Implement best practices to create an effective, efficient and trusted retail gold product market
through a Code of Conduct / Self-Assessment Guide. In due course of time, we believe all the segments
of the Gold value chain will be part of this and will take the Indian Gold industry to a new height.

We hope you enjoy reading this edition of Bullion World. If you have anything interesting to share,
please write to us at editor@bullionworld.in.

Best wishes,
Neelambari Dasgupta
Editor

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