Page 26 - Bullion World Volume 03 Issue 5 may 2023

Bullion World | Volume 3 | Issue 5 | May 2023

industry in India is the increasing Process detailing the procedures and documentation to
formalization of the sector. The become an LBMA affiliate member.
Indian government has taken steps
in recent years to regulate and The LBMA is a reputable as attesters to support the
formalize the gold industry, which organisation dedicated to advancing application. Each attester must
has traditionally been characterized the highest levels of integrity in be a current Member with
by informal and unorganized the world bullion market. It is the whom the Applicant has had
practices. The implementation of the international trade association a bullion-based relationship
Goods and Services Tax (GST) in that represents the London bullion for at least one year. Each
2017 and National Logistics Policy in market. Its members include attester must provide a letter
2022, for example, has led to greater banks, traders, refiners, logistics of recommendation, confirming
transparency and standardization in partners, and other participants the nature and duration of their
the sector, which has boosted the in the precious metals industry. bullion-based relationship with
demand for formal logistics services. As a provider of services to the the Applicant.
Technology has also played a precious metals sector, we think • A Statement of Commitment
significant role in the growth of the that joining LBMA will give Sequel confirming adherence to the
precious metal logistics industry in the opportunity to stay up to date on Global Precious Metals Code.
India. The use of advanced tracking market developments, network with • The appropriate non-refundable
and monitoring systems, such as other professionals in the sector, and application fee.
GPS, RFID, OTP, and biometric support programmes that encourage
identification, has made it easier ethical business conduct. The application will be examined
to ensure the security of precious by the Executive, who will also
metals during transportation and Becoming an affiliate member of perform due diligence, and a report
storage. These technologies have LBMA requires following a specific will be created for the Membership
also helped to reduce the risk of process and providing certain Committee to review. Once satisfied,
theft and fraud, which has boosted documentation. Using the My LBMA the Membership Committee will
customer confidence in the sector. site, all new applicants can finish an provide a recommendation for

online application form. Before the ExCom’s consideration.
Overall, the outlook for the precious due diligence process starts, the
metal logistics industry in India applicant must submit the following Upon confirmation, you will become
is positive, with strong demand documentation as part of the online an affiliate member of the LBMA.
expected to continue to drive application: As an affiliate member, you will
growth in the sector. The increasing have access to a range of benefits,
formalization of the sector, the • Due Diligence documents that including access to market data,
adoption of advanced technologies, support the member category networking opportunities, and
and the growing demand for gold that was chosen, as indicated on participation in LBMA events and
and other precious metals are all the application. initiatives.
factors that are likely to support the • Details of three Members
continued expansion of the industry.

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