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.
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.
Spot trading in bullion will make the metal cheaper for consumers, ensure quality and prevent counter-party risk in settlement of contracts, according to P.R. Somasundaram, managing director for India at the World Gold Council.
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