Page 24 - Bullion World Volume 4 Issue 10 October 2024

Bullion World | Volume 4 | Issue 10 | October 2024

bring greater transparency and accountability to India’s
India Gold Conference 2024 Highlights gold value chain. Ms Sakhila Mirza, Deputy CEO of the
India Gold Conference 2024 focused on key areas London Bullion Market Association (LBMA), reinforced
of gold’s value chain, from mining and refining to the significance of responsible sourcing and ethical
investments and jewellery crafting. Each session practices in the global gold trade, urging Indian refiners
highlighted the crucial challenges and opportunities to meet international standards to enhance market
within the industry, addressing both global and local credibility.
perspectives. As always, India Gold Conference was
not just a knowledge-sharing platform but also a hub
for collaborations and deal making. Highest Participation in a Roundtable
Discussion: India’s Gold Market Outlook
Special Session on Gold Doré

The roundtable discussion titled "India's Gold Market
Chair: Mr Chirag Sheth, Principal Consultant, Metals -What Next?" at the India Gold Conference brought
Focus This session offered an in-depth analysis of together an esteemed panel of experts representing
the complexities surrounding gold doré, its sourcing various sectors across the gold value chain. Moderated
challenges, and the opportunities for growth within by Mr Mahendran, the session explored the current
India. Speakers such as Dr Emmanuel Makumba Mali state and future potential of India’s gold market, with a
(Director, ICGLR), Mr Keith Weiner (Founder & CEO, particular focus on export opportunities and regulatory
Monetary Metals), and Dr Prabhakar Sangurmath reforms.
(Former Director, Hutti Gold Mines) provided insights Professor Sundaravalli emphasized the need for
on the untapped potential of gold mining in India, greater synergy between small and large players and a
bureaucratic hurdles, and the need for a transparent stronger focus on exports to enhance India's position in
sourcing system. They also emphasized the global the global market. Mr Vikas spoke about the potential
importance of gold doré in refining and the ethical for Indian banks to play a larger role internationally,
challenges surrounding its supply chain, particularly though he stressed the necessity of regulatory support.
from regions such as the Great Lakes of Africa, where Mr Raman discussed the importance of establishing
smuggling and informal mining complicate trade. a two-way flow of gold, which would require significant
policy adjustments to facilitate exports. Mr Vipin
highlighted the challenges Indian good delivery bars
Inaugural Ceremony and Keynote Addresses face in achieving international recognition due to
regulatory constraints, while Mr Asher focused on the
global expansion of the Indian jewelry sector and the
importance of craftsmanship and ethical practices.
Mr Shivanshu talked about the evolving role of Indian
exchanges and their potential to compete on a global
level with the right policy support. Mr Harish Pawani
discussed India-UAE trade relations, particularly the
potential for reversing the flow of gold between the two
nations. Mr Chirag proposed a more uniform system for
gold imports, and Mr Ayyob underscored the benefits of
The opening ceremony set the tone for the conference, the SEPA agreement on UAE-India trade.
with dignitaries such as H.E. Mr. Javier Manuel
Paulinich Velarde, Ambassador of Peru to India, and
Mr Prithviraj Kothari, National President of IBJA, The panel concluded that a consistent policy framework,
discussing India’s evolving role in the global gold market. regulatory reforms, and increased emphasis on exports
Mr Sachin Jain, Regional CEO – India, World Gold are essential for India to become a global leader in the
Council, took centre stage, unveiling the Indian gold market. Improved collaboration between various
Association for Gold Excellence and Standards sectors, backed by government support, is seen as the
(IAGES)—a Self-Regulatory Organization designed to key to unlocking India’s full potential in the gold industry.

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