GJ Town India

  Less duty will enhance export competitiveness in bullion!   Just ahead of release of Economic Survey, Renisha Chainani, Research Head, Augmont expressed about the bullion market’s expectation, the bullion industry seeks to reduce import duty on gold and silver from 6% to 3% to enhance export competitiveness, though a further cut seems unlikely.  Gold refiners are pushing for an increased duty difference between doré and refined gold (currently just 0.65%) to encourage domestic refining. The industry also advocates for a single regulator for the Bullion Industry to streamline supervision and improve market transparency.    The IIBX has seen rapid growth, and stakeholders seek a 0.5% import benefit via IIBX and recognition as a Jewellery Export Centre to boost India’s gold trade.    With over 12 Crore digital gold investors, a regulatory framework is needed to ensure consumer protection, prevent fraud, and promote digital gold as a secure investmen...

The first domestic bank to execute a gold forward deal   HDFC Bank, India’s leading private sector bank, has become the first domestic bank to execute a gold forward deal from GIFT City. The deal was executed by HDFC BANK GIFT City IBU in collaboration with Hindustan Platinum Pvt. Ltd., a global refiner and manufacturer of high purity precious metal products and industrial services.  Regulators have enabled onshore entities with gold price exposure to hedge their risk through GIFT City. HDFC Bank is committed to be a part of the development of the GIFT City bullion ecosystem. The Bank’s IBU in GIFT City serves as a trading and clearing member on the Indian International Bullion Exchange (IIBX).    Speaking on the occasion, Arup Rakshit, Group Head – Treasury, HDFC Bank said, “We are delighted to announce the successful execution of the first gold forward deal from GIFT City.  This achievement underscores our commitment to leveraging the opportunities offered...

Bullion Exchange to solidify India’s i mage as a gold trading hub: GJEPC   4th IGJS will be held in December 2021   The Gem & Jewellery Export Promotion Council (GJEPC) has been spearheading structural policy reforms surrounding the organisation of India’s gold industry at the three previous editions of its annual India Gold & Jewellery Summit (IGJS) - the 4th edition of IGJS will be held in December 2021 in New Delhi.   The GJEPC has been propagating the benefits of setting up a Bullion Exchange that can focus on price discovery and provide an entire ecosystem around financial products based on gold and physical deliveries.   The scattered Indian gold market has numerous regulators overseeing different aspects of the trade. As a result, in spite of its significant size and important global position, the Indian gold market is unable to realise its full potential due to multiple challenges, including lack of quality assurance, weak price transparency, ...