Page 17 - Bullion World Volume 4 Issue 9 September 2024

Bullion World | Volume 4 | Issue 9 | September 2024

Mr Mr Mohammad Ayyob: Impact of SEPA on UAE-India Trade
Question: What is the future of UAE-India bullion trade post-CEPA?

Response: Mr Ayyob emphasized the positive impact of CEPA on gold
trade between the UAE and India. He observed that the reduction in duty
has contributed to increased trade and proposed that similar policies could
benefit other commodities, such as silver. Additionally, he encouraged
international bullion banks to engage more actively in the UAE market.

Mr Surendra Mehta: Challenges of a Unified Gold Body
Question: Can a unified body represent both bullion dealers and Jewellers?

Response: Mr Surendra Mehta contended that unifying the interests of
bullion dealers and jewellers is challenging due to their vastly different
objectives. Bullion dealers are primarily focused on investment, whereas
jewellers emphasize value addition and design. The disproportionate
number of jewellers compared to bullion dealers further complicates the
establishment of a single, unified body that adequately represents both
interests.

Conclusion
The roundtable concluded with a broad consensus that policy consistency, regulatory reforms,
and an emphasis on financialization and exports are essential for the future of India’s gold market.
Participants widely agreed on the necessity for India to become a market maker and to play a more
prominent role in the global bullion market. Central to this transformation is the need for improved
synergy between different verticals and consistent government policies.

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