Page 26 - Bullion World Volume 4 Issue 10 October 2024

Bullion World | Volume 4 | Issue 10 | October 2024

Beyond Sessions: Discover the Insights from cities. He highlighted how pricing strategies, inventory
Key Presentations at India Gold Conference management, and store expansions are key factors that
will drive future profitability, with expectations of double-
digit growth in the coming years.

India's Gold Trade Evolution: Insights from
Professor Dr Sundarvalli Narayanaswami

Professor Dr Sundarvalli Narayanaswami, India’s Gold Jewellery Industry:
Chairperson of the India Gold Policy Centre, IIM Crafting a Vision for the Future
Ahmedabad, delivered an insightful keynote on India’s
role in the global gold trade. She highlighted the need for
India to align with the vision of "Atmanirbhar Bharat" and
boost exports by increasing domestic mining and refining
capabilities. She also explored how policies like import
duty reductions and hallmarking can strengthen India’s
global competitiveness and lead to surplus contributions
to the economy.

IIBX: The Future of Gold Trading in India Chair: Ms Arti Saxena, Head of Marketing-India,

World Gold Council This session highlighted how India’s
gold jewellery industry is adapting to future demands
and aligning itself with the nation’s broader economic
ambitions. Mr Ajoy Chawla (CEO, Jewellery Division,
Titan Company Limited), Mr Asher O (MD-India
Operations, Malabar Group), and Mr Mansukh Kothari
(Director, Vasupati Jewellers) discussed the industry’s
transition toward trade that is more organized and its
future vision as a driver of India’s economic growth. The
Speakers touched on the regulatory changes that are
In an engaging presentation, Mr Ashok Gautam, encouraging greater transparency and formalization,
Managing Director of the India International Bullion such as GST and hallmarking. With younger generations
Exchange (IIBX), showcased how IIBX is revolutionizing showing interest in both gold’s investment potential and
gold trading in India. From the launch of gold and silver its emotional significance, Mr Ajoy emphasized the need
contracts to a new U.S. dollar-denominated gold futures for the industry to embrace omnichannel strategies that
market, IIBX is setting new standards in efficient and blend online and offline experiences, while
secure bullion trading. He also highlighted key initiatives, Mr Asher O underscored the importance of tailoring
such as the opening of the Chennai vault and seamless products to diverse customer demographics.
settlement processes, positioning IIBX as a global leader.
Future of Gold Refining
Growth and Profitability Trends in the Chair: Mr Ketan Dhruv, Director, Bangalore Refinery
Indian Jewelry Market Pvt Ltd This session focused on the global and Indian
gold refining landscape, with particular attention to
Mr K. Shri Kumar, Vice President of ICRA Limited,
presented an in-depth analysis of the growth and responsible sourcing and ESG (Environmental, Social,
profitability trends within India’s organized jewelry and Governance) compliance. Speakers such as
sector. Despite challenges from unorganized trade, Ms Sakhila Mirza (Deputy CEO, LBMA) and Mr
Mr. Kumar explained that the organized sector has Praveen Baijnath (CEO, Rand Refinery) discussed
seen steady growth, largely due to regulatory changes, the increasing consumer demand for responsibly
branding efforts, and expansions into Tier 2 and Tier 3 sourced gold, as well as innovations such as blockchain
technology to improve transparency in the supply

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