Page 40 - Bullion World Issue 10 Volume 05 October 2025

P. 40

Mr Dileep Narayanan, Head Bullion & Treasury, Malabar Group, Mr Avinash Gupta, Vice-Chairman, GJC,
Mr Shivanshu Mehta, VP - Bullion, MCX, Mr Surendra Mehta, National Secretary, IBJA, Mr Gagan Bhai,
Executive Director, MMTC-PAMP India Pvt. Ltd

Moderator: Mr Shivanshu Mehta, VP – Bullion, MCX

Proponents (Mr Dileep Narayanan & Mr Avinash Gupta) Opponents (Mr Surendra Mehta, Mr Gagan Bhai)

• Implementing a unified gold price increases • India’s diverse regional demand, logistics,
transparency, fairness, and consumer trust and cost structures make a single, uniform
nationwide. price impractical.
• Malabar Group’s example demonstrates • Variations can range from 0.25% to 1%
how a consistent benchmark simplifies VS across regions, influenced by local factors.
pricing and boosts consumer confidence. • IBJA’s daily declared price functions as a
• Clear separation of raw gold costs from benchmark but isn’t meant as a fixed selling
design/making charges improves honesty price; flexibility is vital to manage costs and
and transparency in pricing. operational realities.

Implementation & Challenges:
• Reconciling retail and wholesale prices, managing regional inventory, and integrating existing reference
prices from MCX, IBJA, and LBMA are complex.
• Technology-driven platforms like India’s emerging Electronic Gold Receipt (EGR) system could facilitate
better price transparency.

Consumer Trust & Industry Outlook:
• 63% of the audience Favour a “One India, One Price” approach for greater transparency.
• Achieving full uniformity remains aspirational; incremental efforts and technological solutions will help bridge
regional disparities.

Summary:
• The goal is to foster a more transparent, trusted, and efficient gold market through harmonized benchmarks
and technology, balancing market heterogeneity.

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