Page 18 - Bullion World Volume 3 Issue 9 September 2023
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Bullion World | Volume 3 | Issue 9 | September 2023
financial assets and remove the made up of the world’s leading the quality and authenticity of
barriers that have held it back banks, financial associations, gold. By embracing technology
for so long. However, no one the LBMA and World Gold and creating a seamless
stakeholder can do this on their Council, has undertaken an marketplace for gold, India can
own. extensive review of this market position itself as a significant
and published a number of bullion trading hub.
• I will say again - Only the entire observations as to how fairness,
industry, working together as effectiveness and transparency • We are also actively working
one, under one banner, can can all be enhanced. In fact to create a Self-Regulatory
make this happen. the latest and final report was Organization (SRO) which
published in the last few months manages to draw together all
• In this context, last October, and I’d encourage you to read the stakeholders from the value
the whole gold industry came the reports and find out more chain. We are very proud of it.
together for the first time ever in about how this work will change It’s been very inclusive. We have
Lisbon to sign a Declaration of and indeed, improve the global listened to all. It’s critical as the
Responsibility and Sustainability gold market. industry in India comes under
Principles, which formally one unified banner and improves
expresses a shared commitment • For example, in the FMSB’s its standards and best practices.
to operating in a responsible and final report – one of the many That process and concept is
sustainable way based on clear observations identified by the being adopted globally, in places
set of shared goals. working group, was the fact that like Germany and are working in
gold is not recognised as a High- similar initiatives in Singapore,
• The meeting set the precedent Quality Liquid Asset, requires Australia and the USA. It is my
for working together as a collective industry action and ultimate goal and intention to
combined industry towards we will be working alongside draw the SROs across the board
mutually beneficial goals. the LBMA, and key industry and represent them in the global
stakeholders, to address both scenario.
• I’m thrilled to say that once this hugely important issue, and
again, this group has come a number of other significant • It is clear for all to see that
together and the second market developments. the world’s governments and
meeting of this pan industry regulatory bodies will continue
group is taking place here in • I’d now like to bring your to push for a totally transparent,
Kolkata tomorrow. You will attention to some of the work fair and effective gold market,
also here from some of the we are doing right here in India so we must work together, as an
signatories in next few minutes. to help improve access to and industry, to develop universally
It’s very pleasing to me that trust in gold. India, we are accepted solutions that ensure
this pan industry group is actively working in enhancing our market operates at the
meeting here; as it reflects gold's relevance among young highest levels of integrity.
the importance of India to the Indian consumers through multi-
international gold market and media marketing campaigns • And , digitalisation will transform
I’m delighted that we have such like 'You are Gold' and 'Power our market, but there is no point
good representation from Indian your portfolio with gold.' These digitalising an asset that isn’t
associations – and indeed, campaigns showcase gold as a completely trusted.
associations from other leading symbol of self-expression and
gold markets. a trusted asset in investment • We have an opportunity to make
portfolios, emphasising its gold accessible to all at a time
• A further recent example of versatility and long-term value. in our history when the world is
how powerful collaboration can crying out for safe assets.
be, is at the Financial Markets • In addition to these impactful
Standards Board, or FMSB, and campaigns, we have actively Thank you
the multi-stakeholder working supported Indian government's
group convened to identify efforts in the establishment
necessary enhancements, to the of India International Bullion
OTC gold market. Exchange (IIBX). We believe this
exchange will provide liquidity,
• Over the past 4 years, the price transparency, and risk
Precious Metals Working Group, management features, ensuring
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