Page 37 - 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 Harshad Ajmera, Director, J J Gold House

• Explained disruption caused by unsettled or delayed TRQ quotas.
• Noted that while duties have been reduced, there is still an inverted
duty structure between Dore imports (5.35%) and standard gold
imports through CEPA up to 180 tons (5%). This hampers full
utilization of refining capacity.
• Emphasized the economic impact on refinery scale-downs and
reduced operation hours.
• Reported hopes for resolution of disputes to restore normalcy and
enable supply chain efficiency.
• Highlighted the critical role of policy clarity for refinery investment
decisions.
• Suggested the need for enhanced dialogue between industry and
regulators for policy reforms.

Mr Neville Patel, Senior VP, HDFC Bank

• Multiple channels of import are good as customers choose bullion
supply channels based on transactional ease and holding costs.
• Preference segmentation: traders inclined to consignment and IIBX.
Jewellers have access to broader options including metal loans.
• Service quality and relationship trust influence willingness to pay
premiums.
• Highlighted need for increased supplier participation and competitive
lease rates.
• Noted emerging demand for flexible financing and transparent supply
sourcing.

Scan the QR code to view The roundtable underscored India’s promising potential as a globally
the full video
competitive hub for bullion trade, manufacturing, and innovation,
amid evolving international and domestic landscapes. Key challenges
identified include TRQ delays, regulatory ambiguities, and supply chain
inefficiencies, which require collaborative industry-regulator efforts
for resolution. Emphasis was placed on advancing digital integration,
ESG compliance, and market modernization to boost transparency,
efficiency, and sustainability. Strengthening India’s refining capacity,
promoting exports, enhancing consumer education, and fostering
responsible mining practices emerged as vital steps. Overall, a
coordinated approach combining policy reforms, technology adoption,
and skill development will be crucial for India’s gold sector to support
sustainable growth and realize the “Viksit Bharat 2047” vision.

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