Page 9 - Bullion World Volume 4 Issue 9 September 2024

Bullion World | Volume 4 | Issue 9 | September 2024

Mr Srivatsava Ganapathy, Director & CEO, Eventell
Global Advisory Pvt Ltd –

Mr Srivatsava highlighted the significance of July 23rd,
2024, as a landmark day for the bullion industry, following
the Honourable Finance Minister’s announcement of
a reduction in the import duty on precious metals. He
emphasized the various new initiatives introduced at
IGC 2024, including a one-day seminar dedicated
to technology, increased representation of women
on panels, and the addition of a session focused on
start-ups. With 650 delegates attending the event,
Ganapathy noted that this large gathering provided
the ideal backdrop for announcing the new SRO, the
Indian Association for Gold Excellence and Standards
(IAGES). He expressed gratitude to the 38 sponsors
whose support contributed to the success of IGC over
the years, and warmly welcomed the attendees to the
conference, wishing them a productive event.

margins. He mentioned IBJA’s plans to set up a refinery
in GIFT City with an estimated capital requirement of
$20 million and called on the government to boost
bullion exports. Kothari emphasized that starting in
2025, hallmarking of bullion would become mandatory,
ensuring a level playing field for all participants. He
also introduced the "IBJA Verified" initiative, which
would symbolize genuine and legal businesses in
the gold industry. Lastly, he expressed confidence
that the formation of IAGES would enhance trust and
transparency in the value chain.

Scan the QR code to watch the video
Mr Prithviraj Kothari, National President, India
Bullion & Jewellers Association (IBJA)

Mr Prithviraj Kothari, National President of the India
Bullion & Jewellers Association (IBJA), discussed
the importance of the conference in bringing together
the entire gold value chain, from banks to jewellers.
He highlighted the relevance of the sessions, noting
that insights from industry experts would help shape the
future of the gold industry in India. Kothari underscored
the positive impact of the unexpected 9% duty reduction
on gold and silver, predicting it would lead to more
transparent trade and help eliminate illegal practices.
However, he also pointed out that Indian refiners were
facing significant challenges, operating with very thin

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