Page 35 - Bullion World Issue 10 Volume 05 October 2025

IGC 2025: Where The World Meets India, Day 3 Highlights Bullion World | Volume 5 | Issue 10 | October 2025

Mr Lamon Rutten
Managing Director & CEO, IGM (India Gold Metaverse)

• India mainly consumes gold; Dubai is a major re-export hub.
• Jewellery manufactured in India often re-exports through Dubai,
facilitated by CEPA agreements.
• Challenges include TRQ quota delays and trade regulation complexity.
• India Gold Metaverse (IGM) aims to integrate bullion, jewellery, gold
loans, and digital gold into a unified ecosystem.
• “Caratometer” technology lowers entry barriers for jewellers for
independent purity verification.

Mr Ramakrishnan Padmanabhan, General Manager, International
Financial Services Centres Authority (IFSCA)

• Multiple regulatory advances since 2021 to grow India’s bullion
market infrastructure.
• Current challenges include low derivative market volumes and
operational constraints at IIBX.
• Advocates gradual incentivization for exchange-based imports rather
than strict mandates.
• Regulatory decisions on import channels rest with the Government of
India, pending broad consensus.
• Urged next-gen leadership to harness technology and establish trust-
based systems to elevate India’s global gold profile.

Ms Praveena Rai, MD & CEO, MCX

• Near triple growth in derivative volumes at MCX amid geopolitical
uncertainty.
• Plans to extend futures contracts beyond near-term months ongoing.
• Focused on risk management to attract liquidity and improve market
confidence.
• Highlights inclusion of commodity derivatives mutual funds and small
business access.

Mr Sachin Jain, Regional CEO – India, World Gold Council

Swarnim Udaan 2047
• Aligns with India’s “Viksit Bharat 2047” vision targeting $30 trillion
economy.
• Promotes gold incorporation into provident and insurance funds.
• Supports launch of innovation centre, startups and new products.
• Envisages rise in domestic mine production to reduce import reliance.
• Promotes consumer education and digital adoption for future demand.

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