Page 17 - Bullion World Issue 12 Volume 05 December_2025

Bullion World | Volume 5 | Issue 12 | December 2025

Geopolitical tensions, fluctuating interest rate 30% of total requirements, reducing over 600 tonnes
expectations, and strong central bank buying earlier of CO annually. Water recycling initiatives continued
₂
in the year reinforced gold’s safe-haven status. By to conserve hundreds of kilolitres per month. Ethical
September-end, the Reserve Bank of India (RBI) sourcing remained a priority, with rigorous LBMA
increased its gold reserves to 880.18 metric tonnes to audits and Responsible Jewellery Council certifications
navigate global challenges. strengthening supply-chain transparency.

This is further buoyed by the increasing demand for Entering 2026
silver due to its dual nature, as precious metal and The outlook for precious metals refiners in 2026
industrial applications in new-age tech, EVs and green is strong and constructive, with multiple demand
energy technology. The white metal has also remained drivers converging to create a favourable operating
bullish this year, even with price consolidation. Along environment. Gold and silver prices, which surged
with gold, many Indian consumers view silver as an sharply through 2025, are expected to remain
additional hedge, which is reflected in 70% purchasing elevated, supporting healthy refining margins and
minted silver products and Silver ETF investment rising sustained output. Investment and central bank
above 50%.
demand will continue to anchor the market, driven
by geopolitical uncertainty, inflationary pressures,
Technological, Operational & Sustainability and expectations of interest-rate easing worldwide.
Advancements
At the refining level, 2025 highlighted the importance Refiners equipped with advanced technology,
of scale, traceability, and sustainability, avenues where strong ethical sourcing frameworks, and robust
MMTC-PAMP continued setting benchmarks. MMTC- recycling capabilities are particularly well
PAMP’s world-class facility operated with an annual positioned. Emphasis on ESG standard, ethical
refining capacity of 300 tonnes of gold and 600 tonnes sourcing, third-party independent audit and
of silver, supported by cutting-edge electrolysis refining accreditation such as LBMA will create trust and
systems and an ISO 17025:2017-accredited assay lab, authentic product offerings for consumers.
which is the first in India to validate a fire assay method
for 999.9+ gold.
Overall, the coming year signals a period of strong
momentum, where a blend of investment, industrial
On the sustainability front, our refinery kept demand, and sustainability-driven innovation will
commitment to its Science Based Targets initiative continue to define the sector’s trajectory.
(SBTi), while expanding solar energy use to nearly

17
17