Page 12 - Bullion World Volume 3 Issue 1 2023

Bullion World | Volume 3 | Issue 1 | January 2023

Bullion Markets in 2022: A Review

The year 2022 has been remarkable and
phenomenal for the Indian bullion and jewellery
industry. The industry witnessed several key
initiatives and policy support, which has boosted
the morale of the industry participants. The
following are the highlights of the ley happenings in
the industry.

January 2022 Spot Exchange; the domestic bullion between UAE and India came into
ICICI Pru Mutual Fund launched spot exchange is a very important effect from May 1, 2022. DGFT
India’s First Silver ETF institution for seamlessly connecting opened an online registration
international bullion exchange process for those willing to avail
Nippon India Mutual Fund and Aditya at GIFT City IFSC (IIBX) and the import of gold bullion under TRQ.
Birla Sun Life AMC launched silver domestic users of bullion- be it,
ETFs and Silver FOF. jewellery manufacturers or industrial The Eid celebration further
............................................................... users. complemented gold jewellery buying
February 2022: for Akshaya Tritiya. Significant
India and the UAE signed the London Bullion Market Association investments were seen in bullion
Comprehensive Economic (LBMA) and the World Gold Council apart from jewellery. The value
Partnership Agreement (CEPA): (WGC) launched gold bar integrity of business done during the
The Gulf nation will also get greater programme. 2022 Akshaya Tritiya season was
access to the Indian Gold market as ............................................................... estimated at around INR 15,000
India would offer duty concession on April 2022: crores, well above INR 10,000
gold bullion imports up to 200 tonnes The Securities and Exchange Board crores done during the 2019 (pre-
a year. In this agreement, India has of India (SEBI) granted approval pandemic) season.
given UAE a Tariff Rate Quota of 200 to Sequel Logistics Private Limited
tonnes where the tariff (or import for carrying out activities as a Vault MCX launched Gold Mini Options
duty) will be 1% lesser than the tariff Manager for the domestic gold Contract with Gold Mini (100 grams)
charged for the rest of the World. spot exchange. The certificate of Futures as the underlying.
Thus, bullion bars from UAE would registration provides recognition .........................................................
have a 1% of price advantage up to to 18 High-Grade Vaults of Sequel June 2022
200 tonnes. Earlier, there was a 5% to provide vaulting services as Asia Pacific Precious Metals
duty on Indian Jewellery in UAE; now, defined in SEBI (Vault Managers) Conference was jointly hosted by
it will be zero. With this, the trade Regulations, 2021. SBMA and Eventell in Singapore.
between the two countries will boost The key topics of discussion were
employment and skill development Eventell Global Advisory Private Asia Pacific precious metals markets,
opportunities in the manufacturing Limited organised trade talk series strategies to increase accessibility of
side of the Gold supply chain. titled Discussion on Chapter -71 of precious metals and Linking regional
HS code of India – UAE CEPA, which and global marketplace in precious
Electronic gold receipts (EGR): featured Mr Prithviraj Kothari, IBJA metals.
Market regulator SEBI gave | Mr K Srinivasan, Emerald Jewels |
permission to the BSE to launch Mr Pramod Mohan, FinMet Pte Ltd. The second phase of mandatory
trading in electronic gold receipts | Mr Bhargava Vaidya, B N Vaidya & hallmarking of gold jewellery and
(EGR), Associate | Mr Chandu Siroya, Siroya artefacts came into force on June 1.
......................................................... Jewellers LLC as participants. The second phase of the mandatory
March 2022: ......................................................... hallmarking covers additional three
At the India International Bullion May 2022: caratages of gold jewellery/artefacts
Summit, NSE and IBJA signed an Comprehensive Economic (ie 20, 23 and 24 carats) and 32 new
MoU to create Domestic Bullion Partnership Agreement (CEPA) districts.

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