India Gold Mining Production: India can meet about 20 percent of its gold demand through domestic mining in the next decade, which will enable it to move towards becoming a ‘price-maker’ in the global market. Gold industry experts said this on Friday.
Sachin Jain, Chief Executive Officer (CEO) of India Region of the World Gold Council (WGC) said at the Gems and Jewelery Conference here that India still remains a ‘price-taker’ of global prices due to lack of adequate domestic mining and strong gold banking system.
India will move towards becoming a price maker
He said in the conference of the industry body ‘Chamber of Commerce of India’ (CCI) that with the initiative of the Reserve Bank of India and the development of the banking system, India’s hold on global gold prices will be strengthened and it will move towards becoming a ‘price maker’.
India currently does not decide the prices of gold itself and is a ‘price-taker’ as it is forced to accept the prices decided in foreign markets. But with the increase in domestic gold mining, it will gain the ability to influence or decide its prices, which will be the price-maker.
Statement from CEO of Aditya Birla Group’s Novel Jewels
Sandeep Kohli, CEO of Novel Jewels of Aditya Birla Group, said that Indian consumers have about 25,000 tonnes of gold, while the government has only 800 tonnes of gold. He said that, despite such a large consumption of gold in India, the impact of the Indian market on consumer prices is limited. During this, Samit Guha, Managing Director and CEO of MMTC-PAMP India, described transparency, ethical and conflict-free supply of gold as essential.
He said that for global competition, it is necessary to adopt standards like OECD and LBMA. Guha also expressed the need to remove the ban on export of 24 carat gold bricks and ingots. RBI had banned its export in the financial year 2012-13.
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