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Jointly collaborate to explore opportunities to set up the Bullion Spot Exchange Multi Commodity Exchange of India Ltd (MCX), the country’s largest commodity exchange signed an MoU with India Bullion and Jewellers Association Ltd (IBJA), the apex industry body for all bullion and jewellery associations in India on various cooperation activities for the growth and development of bullion industry, including a joint viability of setting up a ‘Bullion Spot Exchange’ in India. It is in line with the Government of India’s vision of establishing trade efficient and consumer friendly system of regulated gold exchange in the country for bullion stakeholders for efficient price discovery and transparency. Gold Spot Exchange, once set up, would help considerably in creating a vibrant gold ecosystem corresponding to India’s annual demand of around 800-900 tonnes. It would further lead to assurance in the quality of gold, provide for a robust settlement mechanism, multiple de...

Sooner a blueprint to government & Concerned stakeholders: Somasundaram The World Gold Council (WGC) would soon submit a blueprint to the government on spot exchanges, its managing director for India operations said at an Assocham event held in New Delhi. “We have given a blueprint as a steering committee, we have drafted it and it is in the final stages, we will be releasing it very shortly,” said Mr Somasundaram PR, MD-India, WGC at an Assocham International Gold Summit. He added, “This steering committee which has got all trade associations, key international banks and bullion banks and it was led by us, has been working on the spot exchange blueprint for last six-seven months, we have just now finalised what the spot exchange should be and we will be releasing that both to the government, policymakers and others.” Highlighting that demand for gold is likely to remain subdued in the current calendar year, Mr Somasundaram said that while the demand for...