Page 7 - Bullion World Volume 4 Issue 9 September 2024

Bullion World | Volume 4 | Issue 9 | September 2024

Alongside IGC2024, a seminar on "Recent Advances
in Refining and Assaying Technologies" was held
EDITORIAL on August 22, 2024. This is the first time a full-day
event on technology is being held. Topics covered
include ESG in refinery operations, Recovery of
precious metals from e-waste, challenges in 999.9
gold assaying by cupellation, Lessons learnt from
sampling and analysis of bullion material as Rand
Dear Readers Refinery, Advances in XRF analysis, Advances in ICP-
OES, Advances in casting technologies and updates
India Gold Conference 2024 concluded successfully on gold refining through aqua regia process. We
on August 25, 2024. There was a palpable sense of also had a special address from the Bureau of Indian
optimism among the market participants. Market Standards (BIS). Over 55 delegates attended and
benefited from the seminar. All the presentations
participants as well as expert speakers felt that the were rich in content and experience sharing. We
reduction in import duty on gold, silver and other believe there is more scope for expanding the scope
precious metals by 9% to 6% in the Union Budget of the seminar given the importance of these two
2024-25 on July 23, 2024 was 'transformational'. areas to the gold industry. Bullion World places its
Participants believe that lower import duties will heartfelt thanks to all the speakers of the conference.
promote official trade, discourage parallel trade
and eliminate misuse or abuse of provisions of FTA. What would be the future direction of gold markets?
It would also formalise the gold jewellery sector, Experts at IGC summarised it as "Higher for Longer"
improve competitiveness of jewellery manufacturing with price projections at USD 2820 per troy ounce
and exports from India. for medium term (upto six months) and USD 3200
per troy ounce as long term (two years). How would
A few thing that remains to be done to unleash the the demand for gold jewellery be at these levels?
Would investment demand in India as a proportion
full potential of the industry includes routing all of overall demand increase in the years to come?
imports through IIBX, GST refund to EGR (Electronic How would the new-age entrepreneurs redefine
gold receipt) holders, one percent additional and disrupt the India gold market going forward?
incentive to refiners of gold dore (from current Do share your thoughts on price, market, future
level of 0.65% to 1.65%) and implementation of projections etc.
compulsory hallmarking of gold bullion. Given the
larger objective of the government of India, many Happy festival season
experts felt that the government would not offset
the losses because of customs duty reduction with
an increase in GST. In all the conference ended on a Best wishes,
G Srivatsava
high degree of optimism. Editor

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please write to editor@bullionworld.in

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