Page 24 - Bullion World Issue 10 Volume 05 October 2025

Bullion World | Volume 5 | Issue 10 | October 2025 IGC 2025: Where The World Meets India, Day 2 Highlights

Mr Pradeep Ramakrishnan, Executive Director, International
Financial Services Centres Authority (IFSCA)
Mr Pradeep Ramakrishnan, Executive Director at IFSCA,
detailed the strategic vision for transforming India’s bullion
markets through the work of IFSC Gift City. He described
the regulator’s achievements—the establishment of the
India International Bullion Exchange (IIBX), introduction of
advanced delivery standards, and efforts to attract large
brokers and banks as participants. Mr Ramakrishnan
highlighted cross-sector innovation, mentioning qualified
jeweller onboarding models, liberalization of new product
flows like silver and gold futures, and collaboration to
replicate bond market successes in bullion. He stressed the
core value of trust and transparency, underscoring the goal
of making the market inclusive, technologically cutting-edge,
and ready for international capital and new participants.
As IFSCA neared a five-year milestone, he pointed to bold
ambitions for further vibrant growth and encouraged the
industry to join in building a modern, globally respected gold
marketplace.

Ms Ruth Crowell, CEO, LBMA
Ms Ruth Crowell, CEO of LBMA, delivered an international
perspective that celebrated India’s rapid infrastructure
advancements and regulatory clarity. She focused on trust
and integrity as the gold market’s foundations, sharing how
timely, transparent data such as London vault statistics
builds market confidence—even during global disruptions
like US tariff changes. Ms Crowell discussed the LBMA’s
“fast track” initiatives in mine transparency and responsible
sourcing, expecting refiners everywhere—India included—
to publicly disclose sourcing from 2026. She encouraged
India’s sector to leverage new technology for traceability,
address challenges of recycled and illicit gold, and continue
leading in responsible sourcing, not just for Dore gold but
recycled supplies as well. Her remarks positioned India as
an emerging global standard-bearer for transparency and
integrity in precious metals.

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