India's Gold Market: Resilient Demand and Future Opportunities
Mohit Kamboj, CEO of Aspect Global Ventures and former national president of the India Bullion and Jewellers Association (IBJA), has outlined reforms and future opportunities for India in global gold markets. Despite elevated gold prices, demand for gold in India remains resilient, and the country is poised to become a reliable leader in the sector.
Kamboj believes that disciplined policy implementation, hallmarking, risk management, and use of infrastructure like the India International Bullion Exchange (IIBX) can drive India's success in global gold markets. The IIBX has expanded into silver and gold futures, offering hedging tools and positioning India in global gold price discovery.
Hallmarking of 9K gold and extension of HUID-based hallmarking to silver have been implemented in India to ensure product quality and consumer trust. Domestic gold prices are currently hovering around Rs. 1,01-1,02 lakh per 10 grams. Worldwide, gold prices have surged past US$3,000/oz, touching record highs.
To curb smuggling and encourage legal imports, India has reduced import duties on refined gold and gold doré. With these reforms and initiatives, India is strengthening its position in the global gold market, making it a resilient and reliable player despite volatile gold prices.
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