Page 9 - Bullion World Volume 3 Issue 11 November 2023

Bullion World | Volume 3 | Issue 11 | November 2023

Mr Shivanshu Mehta, MCX: MCX has shown growth and
Consistency in policies and simplicity resilience, with tremendous growth
in customs and import taxes are in gold and silver Options contracts.
essential for the industry to thrive. Open interest in these contracts
MCX allows the flow of domestically has surged, serving as hedges for
cleared gold, contributing to Atma jewellers and Bullion dealers across
Nirbhar Bharat (self-reliant India) India. The expected introduction of
goals. Electronic Gold Receipts (EGRs)
can further drive growth once tax
MCX - A Beacon of Resilience concerns are resolved. SEBI reforms
during Challenging Times have opened the Indian market to
MCX facilitates tracking domestic international participants.
gold cleared by BIS and NABL UAE-India CEPA and Gold Imports
accreditation, controlling and
Mr Shivanshu Mehta monitoring gold movement within the
country.

Mr Chirag Thakkar, How to deal with illicit gold?
Amrapali Industries: Maintaining transparent records of
The demand cycle has shifted post- imports, alongside customs duties
pandemic, and elevated gold prices can help curb illicit gold activities.
have resulted in inconsistent demand
patterns. Silver demand has also MCX - A Beacon of Resilience
decreased due to high silver prices. during Challenging Times
Demand is influenced by various Hindrances encountered in the
factors, and some of the reasons previous year have potential
mentioned by Mr Harish could resolutions, and there is optimism
contribute to the decline in demand. about achieving the 140-tonne target
this year.

Mr Chirag Thakkar

Mr Haresh Acharya, countries played a role in India’s
Parker Precious Metals LLP: limited CEPA imports, requiring
High gold prices, along with further examination.
mandatory hallmarking norms, may
have contributed to lower demand. Furthermore, the global economic
Hallmarking regulations increased uncertainties and the ongoing
scrutiny within the jewellery segment. COVID-19 pandemic have also
played a significant role in shaping
Although India imported only about the dynamics of the gold market.
8 tonnes through CEPA last year, Investors and consumers alike have
it represents a significant step in been seeking safe-haven assets like
aligning the two countries. The CEPA gold, driving up prices, while also
channel covers most of the UAE, exhibiting caution in their spending
benefiting India through reduced due to the unpredictable nature of
Mr Haresh Acharya taxes and customs duties. However, the current economic landscape.
customs procedures in specific

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