Page 13 - Bullion World Volume 3 Issue 1 2023

Bullion World | Volume 3 | Issue 1 | January 2023

RBI launched first tranche of September 2022 Dubai Precious Metals Conference:
Sovereign Gold Bond, which was Axis Mutual Fund launched two silver Key themes discussed were the
open for subscription from June investment schemes – an exchange- future of precious metals trade,
20–24, 2022. The issue price was Rs traded fund (ETF), and a fund of stepping up sourcing integrity,
5,091 per gram funds (FoF). financialisation of the precious
......................................................... metals trade and resetting global
July 2022: HDFC Mutual Fund launched Silver price benchmarks.
On 1 July, the Government of ETFs
India increased gold import duty by ......................................................... Kerala becomes the First State to
4.25%, BCD on refined gold bars October 2022: Introduce Uniform Gold Price based
and gold doré increased to 12.5% At the LBMA/LPPM Global Precious on Bank Rate
and 11.85%, from previous levels of Metals Conference organised by
7.5% and 6.9%, respectively. LBMA, the gold industry came Kotak Mahindra Asset Management
The total custom duties on the gold together to sign a Declaration of Company Ltd (KMAMC) launched an
bar and gold doré now stood at 15% Responsibility and Sustainability open-ended silver exchange-traded
and 14.35%, respectively. Principles which formally expresses fund (ETF).
a responsibly and sustainably .........................................................
India Gold Conference (IGC) was responsible and sustainable way December 2022
held in Chennai. The conference based on a clear set of shared goals. Reserve Bank of India launched
witnessed the highest-ever Central Bank Digital Currency. RBI
delegation attendance since the India’s leading stock exchange, BSE, permitted resident entities to hedge
launch of the conference. successfully created, transacted, gold price risks at IFSC
and settled electronic gold receipts
Shri Narendra Modi, Honourable (EGRs). India – Australia Free trade
Prime Minister of India inaugurated agreement came into effect. The
the India International Bullion Deepawali 2022 was truly glittering agreement provides preferential
Exchange at GIFT City IFSC, for the Indian retail jewellery industry. access for Indian gems and jewellery
Gujarat. The value of gold jewellery sales exports. The deal is expected to
during Dhanteeras was estimated boost bilateral gem and jewellery
A report on the “Self-Regulatory to be close to INR 25,000 crore trade from USD 1.3 billion to USD 2
Organisation (SRO) for Indian Gold (USD 3 billion). Of the overall sales, billion.
Industry” was released by World about 20% was bullion in the form
Gold Council, which supports the of coins and the rest 80% jewellery. Revenue Dept. Issued notification for
Swarna Adaarsh Abhiyan initiative. Within the jewellery segment, 15% Simplifying Jewellery E-Commerce
......................................................... to 20% was contributed by diamond by Post
August 2022 jewellery and the rest by pure gold
On 04-08-2022, the Reserve of jewellery. The Gem & Jewellery Export
India (‘RBI') amended the RBI (Gold Promotion Council (GJEPC) and
Monetization Scheme, 2015). The HDFC AMC launched HDFC Silver Santacruz Electronics Export
amendment inserts guidelines on ETF Fund of Fund Processing Zone (SEEPZ), Mumbai,
Renewal/ Redemption of Medium ......................................................... signed an MoU for developing,
and Long-Term Government Deposit November 2022 executing, and running the Mega
Guidelines for Renewal/ Redemption The Hanoi Gold Forum, organised Common Facility Centre (CFC) at
of Medium and Long-Term by the Vietnam Gold Traders SEEPZ Mumbai.
Government Deposits (‘MLTGD') Association (VGTA) and the World
Gold Council (WGC) and supported RBI launched Series III of the
RBI launched Sovereign Gold Bond by the Singapore Bullion Market Sovereign Gold Bond Scheme
Scheme tranche two 2022–23, Association (SBMA) 2022–23, which was open for
which was open for subscription subscription from December 19–23,
from August 22–26, 2022. The issue The first annual general meeting of 2022. The issue price was Rs 5,409
price was Rs 5,197 per gram the Hallmarking Federation of India per gram.
was held on 6 and 7 November 2022
Edelweiss Asset Management in New Delhi.
Limited launched The Edelweiss
Gold and Silver ETF Fund of Fund.

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