Page 11 - Bullion World Volume 4 Issue 4 April 2024

Bullion World | Volume 4 | Issue 4 | April 2024

Mr Neville Patel, HDFC Bank: Price spurt has Mr Chirag Thakkar, Amrapali Group: Currently those
impacted demand. In the short term, scrap supplies will who get CEPA silver are benefitted. The next four to five
dominate. With IIBX, customers now have two choices. months are going to be very tough for traders with price
RBI has also permitted banks to function as TCM. Banks increases, discounts and poor demand etc.
import metal and supply. The role of banks is changing
and also expanding. Mr Sudheesh Nambiath, DMCC: CEPA has a much
larger connotation. Even in precious metals, there has
Mr Vipin Raina, MMTC PAMP: Till 2019 there was been a substantial increase in jewellery exports from
a level playing field between the import of standard India to the UAE post-CEPA. Perhaps Indian refiners
gold bullion and gold dore. Now it is not. CEPA permits should use this opportunity to explore engaging with
traders to buy finished gold at 1% discount. So, in the LDC to develop a supply chain wherein they can get their
current situation, domestic refiners can compete with raw material at nil customs duty.
nominated banks but not traders importing through TRQ
under CEPA. Mr Harshad Ajmera, AGRM: We had requested the
government to keep 71 out of the FTA discussions.
Mr Harish Acharya (Vasu bhai), Parker Precious Mr Harish Chopra, IGPC: “Are small exporters getting
Metals: Gold demand is always zig zag. Geo politics the concession gold under CEPA?” It is worth looking
is driving the price. Out of the 40 accredited domestic into this.
refiners, hardly 5 are operational. There are two
challenges. (1) the current concessional duty of 0.65% The price outlook for gold:
is unworkable against CEPA gold; (2) the reluctance of Most speakers opined that the gold price will stay above
miners to supply to non-LBMA refineries. USD 2000 per troy ounce and may inch up to USD 2380
per troy ounce. In Indian rupee terms, Rs. 72,000 per
Mr James Jose, CGR Metalloy Pvt Ltd: February and 10 gm could be a possible year-end target. Geopolitical
March are low-demand periods. There is excess supply development is the main driver.
too. Hence there is a 5% differential between organised
and grey market in Kerala. We expect the disparity to
reduce in April due to Akshaya Tritiya.

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