Page 36 - Bullion World Issue 10 Volume 05 October 2025

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

Mr Chirag Thakkar, Director, Amrapali Industries

• Attribution of jewellery market discounts to prevailing supply-demand
imbalances.
• Noted decline in scrap gold supply due to holder expectations of
further price rises, leading to tight raw material availability.
• Pointed out that despite a decrease in customs duty to 6%, discounts
persist reflecting market sentiments.
• Emphasized that delays or restrictions in TRQ allocations exacerbate
supply tightness.
• Highlighted the interplay of physical gold prices and consumer
purchasing behaviour in shaping demand patterns.
• Suggested restoring smooth TRQ functioning may normalize supply
and reduce discount volatility.
• Called for sustained market coordination to balance supply chain
variables.

Mr Mohammad Ayyob, General Manager, Sam Precious Metals

• Underlined the significance of artisanal and small-scale mining (ASM)
contributing substantially to global gold output.
• Raised concerns about environmental, social, and governance (ESG)
risks from unregulated mining activities.
• Called for coalition-building among governments, industry, civil
society, and local communities to formalize ASM.
• Stressed tailoring regulatory frameworks to local economic realities
while encouraging responsible mining.
• Emphasized provision of training, technology access, and financing for
miners to reduce risks and improve yields.
• Advocated fostering market incentives for ethically sourced metals to
ensure integration into international supply chains.
• Highlighted enhanced traceability and risk management benefit
consumers and miners alike.

Mr Rajesh Rokde, Chairman, GJC
• Highlighted India's underutilized potential as a global jewellery
manufacturing hub.
• Emphasized need for stronger brand building, quality enhancement,
and global promotional strategies.
• Advocated for the "Make in India" initiative to be leveraged for
jewellery exports.
• Called for better government-industry alignment to foster export
growth.
• Stressed harmonizing standards and facilitating smoother supply
chains to improve competitiveness.
• Recognized the industry’s capability to produce high-value artisanal
and machine-made jewellery.
• Urged modernization of design, marketing, and digital engagement to
reach new consumer segments.
• Advocated for investment in skill development and technology
adoption to retain market leadership.

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