Page 10 - Bullion World Volume 4 Issue 4 April 2024

Bullion World | Volume 4 | Issue 4 | April 2024

India. By suitably overhauling the policies related to Mr P R Somasundaram, Regional CEO-India, World
exploration, prospecting and mining sizeable quantities Gold Council
of gold can be produced domestically. Reflecting on the past 10 years, I believe India's gold
industry has achieved a lot. Today India has several
GJEPC continues to work on the goal of USD 75 billion in achievements that can be proudly labelled as ‘first in
exports by 2030. the world’. HUID- a fully traceable piece of hallmarked
jewellery is a great accomplishment that has no parallel.
Mr Saiyyam Mehra, Chairman, GJC Like-wise the Swarna Adarsh Abhiyaan initiative of the
We at GJC work very closely with Ibja on several size and scale that we are talking about for India is also
projects. We would be happy to continue the same. the largest in terms of scale, scope and impact. So, in
GJC is conducting Labham to educate jewellers on the many ways, India is demonstrating leadership of the
merits of compliance. GJC has done over 150 events. industry at the global level.
We have approached the government not to restrict
trade and business during the election when the code of SRO for the gold industry is the right thing to do. It will
conduct comes into place. be an initiative from India for India and also for the rest of
the world.
As a part of the GJC global reach out, we plan to
organise programmes in five countries including Dubai, Mr Utpal Sheth, Group CEO, Rare Enterprises
Bahrain, Qatar and Bangladesh. Asset prices are increasing across asset classes. The
good news is that domestic capital is driving it this time.
GJC has also given a proposal to the government on Some of the megatrends that I see in India are
recycling of bullion. • shift in consumer aspiration from "need" to "want" to
"dream"
Mr Samit Guha, Chief Finance and Technology • Shift from unorganised to organised
Officer, MMTC PAMP • Power of trust
Every business, including the bullion business, should be • Urbanisation
mindful of four tenants to be sustainable. These include • Consolidation and scalability in every sector. This is
(a) customer centricity, (b) the role of big technology and generating pricing power.
digitisation, (c) navigating the regulatory landscape and • Financialization of savings. ETFs, sovereign gold
(d) the impact of business on society. bonds etc

Mr Ashish Kumar Chauhan, Managing Director & Coming to the gold and jewellery industry, at present we
CEO, National Stock Exchange of India have about 10 listed companies. Hopefully, we will see
India is the fourth largest stock market in the world. India many more in future. Based on our understanding, some
has seen a 100 times increase in market capitalisation of of the structural changes seen in the gold industry are
companies in the last 30 years. given below.
a. increase in the proportion of studded jewellery sales
In terms of the number of orders and number of trades, b. lab-grown diamond could become a disruptor
NSE is the largest in the world. We process on average c. gold on lease is a new model that facilitates scalability
17 million orders and 250 million trades in a day. d. b2c are getting much higher valuation
IBJA and NSE announced a joint venture in setting up a e. tech leverage is not yet fully realised and hence offers
spot bullion exchange. However, it has not taken off due scope.
to issues around GST. However we are keen on moving In all, the future is very bright for the industry.
forward once regulatory issues are resolved.
Mr Ashok Gautam, MD & CEO, IIBX: At IIBX both
We at NSE are restarting F&O in commodities. Energy LGD as well as UAE GD are listed. However, currently,
futures and options also picking up. Cross-margining only UAE GD is traded. CEPA is changing supplies via
facility with stock is being contemplated. Carbon and Dubai. A slew of new products are in the offing. These
electricity futures are in the offing. Gold index is also include GML, gold repo and gold futures. SBI has been
planned with IIBX. permitted to become TCM of IIBX.

10