schiffgold.com / BY SCHIFFGOLD / MAY 16, 2017
In an effort to bring order to India’s gold market, the government has partnered with the World Gold Council to create a physical spot-gold exchange. According to Bloomberg, it could be up and running as soon as next year.
The move toward an India spot-gold exchange is part of a broader bullion industry self-regulation effort gaining steam in one of the world’s leading gold markets. Last month, three committees formed – one to study a gold trade code, one to formulate good delivery rules, and a third to explore a spot exchange. The committees were born out of a meeting that included business chambers, the World Gold Council, banks, the Indian Bullion and Jewellers Association (Ibja), and the India Gold Policy Centre at IIM-Ahmedabad.
According to Bloomberg, establishing the spot exchange faces some challenges, including the fact that state governments in India oversee gold-related matters, not the central government. Lack of vault space and reliable receipts for metal also pose hurdles.
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