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India's gold revamp pushes on as spot trading draws closer
By Swansy Afonso and Ranjeetha Pakiam
Bloomberg News
Thursday, June 3, 2021
India is moving closer toward setting up spot contracts for gold, finalizing rules for trading and providing the world's second-biggest consumer a firmer grasp over setting the price of bullion.
The gifting of gold at weddings and festivals, and its purchase as a store of value are deeply held traditions in India, and the country has been trying to overhaul its fragmented gems and jewelry industry to make supply more transparent, help enforce purity standards and bolster confidence among consumers.
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The Securities and Exchange Board of India, the regulator appointed by the government, has proposed a new framework laying out the role of spot exchanges, assayers, vaults and traders and the policy is open for public feedback till June 18.
While there is no official deadline for the final rules, the industry's expectations are that they will be firmed up by September, according to Shekhar Bhandari, the Mumbai-based president and business head of global transaction banking at Kotak Mahindra Bank Ltd. The Indian gold industry is also banking on spot trading to provide it a greater say in pricing, much like biggest consumer China. ...
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