Page 21 - Bullion World Volume 03 Issue 6 June 2023

Bullion World | Volume 3 | Issue 6 | June 2023

Swarna Adarsh Abhiyaan (SAA) –

Largest RGIP initiative globally

Mr Mike Oswin, Global Head of Market Structure and Innovation, World GoldCouncil

SAA has enrolled 1,100 expressions of interest (EOIs) from industry
stakeholders across the value chain, from refiners, jewellery
manufacturers, bullion dealers and retail jewellers. The adoption indicates
the next stage set for the Indian gold market evolution.

Mike Oswin, who was in India to review the progress of SAA, articulates
the experience from the Indian version of RGIP and its adoption
elsewhere.

First, as global head of market transparency, efficiencies in post-
structure and innovation at WGC, trade settlement, and the overall
what are the programmes that benefits that digitalisation of the gold
you are driving presently? market can bring. Another significant
We have a number of initiatives observation made by the working
underway at present, all aimed group is that gold is not considered
primarily at enhancing the fairness as a High-Quality Liquid Asset
and effectiveness of global gold under Basel III which we will be
markets and increasing the trust and analysing and engaging with industry Mr Mike Oswin
understanding of investors, which in stakeholders. Last but not least is
turn will grow participation. One of our Gold 247 initiative.
the major projects I am overseeing is Next few years, WGC’s
our Retail Gold Investment initiative Coming to RGIP, could you focus would be setting up
which is bringing together retail please elaborate the programmes India Gold industry SRO and
gold players in various markets that are on in Germany, successfully operationalise
globally to partner with the WGC Singapore, and North America? it. I believe adopting the
in implementing our Retail Gold How has been the progress so far move towards self-regulation
Investment Principles (RGIP)™. in each of these programmes?
Other programmes of work include What is the initial response from will benefit the entire Indian
finalising the WGC’s participation the stakeholders? gold industry, making their
in the Precious Metals Working Our Retail Gold Investment businesses sustainable and
Group which was established by Principles (RGIP) are very much trustworthy, in turn driving
the Financial Markets Standards aimed at international markets demand for gold as a safe
Board in 2019 to scrutinise the OTC and we are working with industry retail investment option
gold market and publish a series of groups in a number of countries to
Spotlight Review documents setting implement best practices for retail
out observations for enhancements investment providers. We have had
to the OTC market structure. The a tremendous response from all the
working group, which is composed members of our various working
of major global banks, the LBMA groups and have been overwhelmed
and WGC, has captured a number of by the support this initiative has
key themes for the development of received. As a rough estimate,
the market including increased data across our established working

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