Page 9 - Bullion World Issue 12 Volume 05 December_2025

Bullion World | Volume 5 | Issue 12 | December 2025

Digital gold, being a relatively new asset class,
requires the same level of structured communication,
transparency, and public trust to mature.

EDITORIAL History shows that regulated asset classes grow
faster, attract sustainable investment, and gain
long-term credibility. Whether it is mutual funds,
ETFs, or insurance products, the combination of
Dear Readers, clear regulation and strong industry engagement
has always been essential in developing emerging
It is significant to note that the Indian capital investment categories.
market regulator, SEBI, has now turned its attention
on to the digital gold segment and has issued an Digital gold has the potential to become a major
advisory highlighting several key concerns. The part of India’s financial landscape. With proactive
most important issue is the unregulated status collaboration, strong governance, and a forward-
of digital gold. Also, Digital gold currently falls looking regulatory structure, the industry can
outside SEBI’s purview, meaning it is not governed unlock this potential while ensuring that investor
by the same safeguards that protect investors in the interests remain at the centre of its growth story.
regulated financial products including gold etfs and
fund of funds. SEBI has warned investors about the In this edition of Bullion World, expert articles from
significant risks associated with unregulated digital key industry associations such as the IBJA, LBMA,
gold, including counterparty risk, operational risk and GJC provide insights into their achievements
and lack of a formal grievance redressal mechanism. throughout 2025. Industry leaders like MMTC PAMP
While the advisory highlights gaps, it also presents an and Kundan Group offer in-depth perspectives on
important opportunity for the digital gold industry. the refining sector’s developments in 2025, while
This is the right time for all stakeholders to come Amrapali, Gujarat, and Augmont share their analysis
together and work closely with the market regulator. of the bullion market’s trends during the year. Digi
Gold contributes an article on the evolving digital
A collective industry body-or a properly structured gold business, and Mr James Jose presents his
self-regulatory organisation (SRO)-can play a expert recommendations on gold spot exchanges
transformative role. Such an organisation can in India ahead of the upcoming annual budget in
engage with SEBI and other regulators with a unified February 2026. Additionally, the Bullion World
voice and seek an appropriate regulatory framework in-house team has prepared two comprehensive
for digital gold. Regulation would not only enhance articles highlighting the outstanding performance of
protection but also build investor confidence, similar foreign silver industrial companies that are setting
to how Gold and Silver ETFs have grown under SEBI’s new benchmarks for excellence.
oversight. An industry-represented organisation can
also take on promotional and investor education
responsibilities, much like how AMFI supports Best wishes,
awareness campaigns for mutual funds. G Srivatsava
Editor

We would be happy to receive your comments and feedback on the content of this edition,
please write to editor@bullionworld.in

9