The gold value chain is expected to undergo sweeping regulatory change marked by four pillars (a) Responsible sourcing of dore and recycled jewellery by refiners; (b) Transparent dealing in gold value chain transactions in compliance with PMLA guidelines; (c) Increasing focus on hallmarking and quality assurance to consumers; and (d) Financialisation of above-ground gold stocks coupled with financial instruments to wean away the Indian consumer from physical gold.
How will players in the value chain prepare to embrace the change and redefine respective business models and grow the business?How should one educate the customers and suppliers to adapt to change?
(From less than 5%, dore imports into India accounts for 40% now. With impetus for organised sourcing of recycle jewellery, in the next five years, over 70% of gold supplies to India will come from refiners. Are we prepared for the change?
Government sees gold as an asset-class. Documentation and pre-registration is a pre-requisite for any asset class. Does it mean, like equities post-1990, that the gold industry is poised for a 10x growth in an organised manner? Are we ready for the change?
Sri City changed the way in which silver and gold are brought in and moved around the country. Like-wise, GIFT City provided a new opportunity to participate in global markets. Innovation drives creation of new institutions and infrastructure. What innovations are required to bring out GMS? What can industry do in making these innovations possible?
What is going to be the role of players (banks, bullion dealers, exchanges and logistic players) when e-commerce and digital technology changes sweep the market?
What changes are needed to attract and retain millennials to gold and gold products?
With digital technology, government knows the contribution of the industry (from data on import duty collection, GST collection, ESI data of the sector) on a real-time basis. Can the industry use the data to influence government positively and proactively towards making India a bullion export hub?
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