Imports account for 86% of India’s gold supply between 2016-2020: WGC report
Indian official imports have continued to grow despite high import duty, averaging 760t since the first duty hike in 2012
Bullion exchange to solidify India’s image as gold trading hub: GJEPC
The GJEPC has been propagating the benefits of setting up a Bullion Exchange that can focus on price discovery
WGC releases report titled 'The drivers of Indian gold demand'
Using an econometric model, the report draws on three decades of annual data, dating from 1990 to 2020, to gauge some of the principal influences driving gold demand in India
BSE to introduce Electronic Gold Receipts
The exchange will take the required internal approvals and apply to market regulator SEBI for the launch of the new class of security on its platform
SEBI member says gold imports should be routed through exchange ecosystem
Such a step would ensure that gold monetisation takes place right at the source as the metal enters the country
Industry Revels in New Budget Announcements-Union Budget 2021
Customs duty on gold and silver decreased to 7.5 per cent from 12.5 per cent with an addition of 2.5 per cent AIDC (Agri Infra & Development Cess) – in effect reduced to 10 per cent -- applauded unanimously by the whole G & J industry
Reduction In Customs Duty On Gold And Silver Brings Huge Relief to G & J Industry
Customs duty on gold and silver decreased to 7.5% from 12.5% with an addition of 2.5% AIDC (Agri Infra & Development Cess) – in effect reduced to 10% -- applauded unanimously by the whole G & J industry
Indian commercial banks give green signal for gold as asset class
The Indian gold spot exchange is expected to launch in the near future, a key moment in the development and formalisation of the domestic gold market
Industry Steering Committee releases blueprint for spot gold exchange in India
The Committee proposes setting up of Bullion Exchanges that would provide an efficient and trusted ecosystem for trading gold and ensure the success of financialisation of gold, with an aim to improve market transparency, protect the interests of market participants and facilitate India to emerge as a price setter for gold
Gold spot exchange bourse inches closer to construction
After reviewing standards at global gold spot exchanges and Indian exchanges, the committee suggested that the exchange should have a tiered and flexible membership structure, with members meeting a minimum net worth requirement.
Mohit Bharatiya steps down as president of IBJA; Prithviraj Kothari elected as new president
IBJA's representation in the Ministry and RBI on gold related matters has been a path breaking work under Bharatiya's leadership
Trade expects new government to upgrade gold as asset class
The trade is also expecting that government will make an effort to increase banking to the gem and jewellery sector, which has been facing the brunt of the banks after the infamous Nirav Modi scam
WGC to submit blueprint on spot gold exchange to govt soon
The World Gold Council (WGC) said it will soon submit the blueprint on spot exchange for yellow metal to the government.
Jewellers welcome rural focus; upset with no reduction in import duty
Welcoming the Budget, the gems and jewellery industry said positive focus on the rural economy and estimated growth of GDP to 7.2-7.5 per cent will boost demand.
Union Budget Favourable for Gold but Detrimental for the Diamond & Gemstone Industry Owing to Doubling of Customs Duty to 5 Per Cent
While announcements for gold seemed positive, the industry mourns the Government’s decision to increase customs duty to 5 per cent on polished diamonds as well as gemstones.
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