Page 17 - Bullion World Volume 3 Issue 4 April 2023

Bullion World | Volume 3 | Issue 4 | April 2023

India Gold Policy Centre (IIMA)

6 Annual Conference Highlights
th

India Gold Policy Centre at IIMA Council described the IGPC-IIMA from all leading exchanges (IIBX,
Ahmedabad (IGPC-IIMA) concluded conference as the flagship event NSE, BSE, MCX) discussed this
its 6th Annual Gold & Gold Markets on gold in India. It was followed in the first conference workshop.
conference at the India Habitat by the inaugural address by the Followed by that, the major vaulting
Centre, New Delhi, on 9th and 10th chief guest, Mr. Injeti Srinivas. Mr. service providers operating in the
February 2023. The event was a Srinivas acknowledged the role of Indian gold industry showcased their
grand success with participation IGPC in laying down the operational outreach and plans to grow their
and enthusiasm from the various foundation of the IIBX and how IGPC network for gold delivery across
stakeholders from the gold industry, has emerged as a leading think- India. The fireside chat with ICICI
the research community, and the tank on Gold in India. Mr. Srinivas Bank and YES bank elaborated
regulator. This year's conference minced no words in describing how on the current status and future
was a balanced mix of academic every effort of policymakers to curb possibilities of Central Bank Digital
research presentations on gold gold demand have not yielded any Currency (CBDC), the changes
and discussions and deliberations positive results. He advocated for it brings to the monetary system,
on various pressing issues of the a holistic approach to gold, in line and how gold is traded in India.
gold industry. With 15 research with Niti Aayog's recommendations, It was followed by a presentation
paper presentations, five-panel where the existing gold can be and a candid conversation with the
discussions, three workshops, and leveraged better. He revealed Director of Customs, focusing on the
two fireside chats, the audience various initiatives by IFSCA and IIBX regulatory changes, tech adoption
could not have asked for more, and to promote gold trading through and other initiatives that could
they responded by staying glued in IIBX. facilitate the gold trade. The experts
the conference hall until the end of from RBI shared their perspectives
Day 2. Panel discussions, workshops, on the financialization of gold
and fireside chats amidst multiple issues in the global
In the backdrop of an MOU between Starting with an update on the financial system and the domestic
IGPC-IIMA and the IFSCA that laid IGPC-PRICE household survey on economy. It was then followed by a
the operational framework of the gold, Dr. Shukla, CEO of PRICE, discussion with the banks and the
India International Bullion Exchange presented an overview of the regulator from IFSCA about a broader
(IIBX) at IFSC GIFT City, it was data collection procedure and framework from the regulator to
heartening to have Mr Injeti Srinivas, his data-based insights. It was facilitate the financialization of gold.
Chairman IFSCA as the chief guest followed by a panel discussion on The panel discussion on rebranding
to inaugurate the conference. the growth of regional jewellery India's gold trade in international
While welcoming the participants players and the national footprints and domestic contexts was one of
and dignitaries, Prof Arvind Sahay, they have created. The role of the event's highlights. The session
Chairperson of IGPC-IIMA, in his regulatory uncertainty over the gold stressed the need for a suitable
welcome address, thanked the refining business as a whole was governance structure and discussed
regulators from various departments discussed in the next session. The the protocols under SROs that
for their participation. He stressed refining industry from the lenses ensure trust, credibility, and quality
over greater collaboration between of responsible sourcing and the in the value chain. Amid the growing
the industry, policymakers, and opportunities opening up at the use of Fintech in gold, the push for
IGPC and a greater focus on the GIFT city were discussed in detail. regulatory validation of newer gold
development of gold mining in India. With the existing products of gold products in the investment space was
In his address, Mr. Somasundaram and their plans to expand the gold discussed in the next workshop. The
PR, Regional CEO India, World Gold product basket, the representatives last session was a comprehensive

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