Page 16 - Bullion World Volume 4 Issue 9 September 2024

Bullion World | Volume 4 | Issue 9 | September 2024

Mr Asher O: International Expansion of the Jewellery Sector
Question: What is the future of the Indian jewellery sector in the global
market?

Response: Mr Asher highlighted the positive effects of recent government
policies on the jewellery sector and underscored the significance of India's
craftsmanship. He emphasized that Indian jewellery brands play a crucial role
in representing the country on the global stage and must prioritize ethical and
responsible practices. He noted that the expansion of the organized jewellery
sector, along with increased international presence, positions India to emerge
as a major global player in the jewellery industry.

Mr Shivanshu Mehta: Indian Exchanges and Global Parity
Question: Where do Indian exchanges stand compared to international
counterparts?

Response: Mr Shivanshu noted the significant evolution of Indian
exchanges, such as MCX, which now offer a domestic price benchmark
for bullion. However, he pointed out that spot exchanges in India are still
in the developmental phase. He emphasized that regulatory support and
government policy are crucial for the growth of these exchanges. With
the right policies and support in place, India could emerge as a strong
competitor in the global bullion market.

Mr Harish Pawani: India-UAE Trade Relations
Question: Can we see a reversal of gold flow from India to the UAE?

Response: Mr Harish discussed the robust trading relationship between
India and the UAE, particularly in the bullion sector. He highlighted that the
SEPA agreement has enhanced trade and reduced parallel market activities.
However, he proposed that India should permit the export of a certain
percentage of its net gold imports. This measure could help stabilize the
market and mitigate arbitrage opportunities.

Mr Chirag Thakkar: Uniformity in Gold Import Policies
Question: What’s next for gold policies in India?

Response: Mr Chirag proposed that rather than implementing drastic
changes to customs duties, India should prioritize establishing a uniform
system for gold imports and enhancing traceability throughout the value
chain. He contended that consistent policies would facilitate more effective
management of the gold market and contribute to the development of a
mature two-way trade system in the future..

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