Page 19 - Bullion World Issue 10 Volume 05 October 2025

Bullion World | Volume 5 | Issue 10 | October 2025

Highlights of Day 2

India Gold Conference 2025

Mr Michael Stafford
Transformation of the Global Gold Trade

• Discussed the evolution of gold trade corridors
fostering transparency, efficiency, and
enhanced value creation.
• Highlighted the role of Rafmoh platform in
setting industry standards centered on vision,
value, and responsible trading.
• Emphasized innovation and technology as
foundational for safer and more equitable global
gold transactions.
• Urged market leaders to drive ethical practices
and adapt proactively to regulatory and
technological trends.
• Committed to ongoing leadership navigating
challenges and strengthening trust in precious
metals markets.

Mr Kishore Kunal
Presentation on Avoiding Disputes
in Bullion Imports

• India's bullion import sector has seen significant
growth, with imports worth USD 79.99 billion in
July 2025, a 6% increase YoY.
• Customs duty arrears disputes are escalating,
with over 80% of total arrears being disputed
from FY18 to FY22.
• Complex regulatory stages involve policy
changes, classification challenges, and issues
post-import (detention/refund).
• Key judicial rulings demand customs officials
prove forgery before denying preferential duty
claims.
• Stressed importance of thorough
documentation, prompt compliance, and
procedural accuracy to avoid disputes.
• Recent policies have tightened restrictions on
UAE gold imports to prevent misuse.
• Advised proactive dispute management,
including strategic handling of investigations,
coercive recoveries, and legal remedies like writ
petitions.

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