Page 41 - Bullion World Issue 10 Volume 05 October 2025

orld |
V
B
ullion
W
olume 5 | I
ober
2025
ssue 10 | O
ct
IGC 2025: Where The World Meets India, Day 3 Highlights Bullion World | Volume 5 | Issue 10 | October 2025
Debate 4: Gold Bullion Imports into India Should
Be Only Through One Channel

Mr Ashok Gautam, Managing Director & Chief Executive Officer, IIBX IFSC Ltd, Mr Haresh Acharya, Director,
Parker Precious Metals LLP, Mr Lamon Rutten, Managing Director & CEO, IGM (India Gold Metaverse),
Prof. Dr Sundaravalli Narayanaswami, Chairperson, India Gold Policy Centre, IIMA, Mr Vikas, Nagpal, Head
- International sales, Retail Forex, Bullion and Tech initiatives (Markets Group), ICICI Bank, Mr Kumar Parmani,
National Head-Bullion & FES Sales, Yes Bank Ltd

Moderator: Prof Dr Sundaravalli Narayanaswami, IIMA
Proponents (Mr Ashok Gautam & Mr Haresh Acharya) Opponents (Mr Vikas Nagpal & Mr Kumar Parmani)

• Establishing a single, globally competitive • Multiple channels are vital to maintaining
India International Bullion Exchange (IIBX) resilience, flexibility, and catering to diverse
will promote transparency, efficient price demand segments across different regions.
discovery, scalability, and two-way trade. • Parallels with forex markets highlight how
• Backed by government support and Prime OTC and exchange platforms coexist to
Minister’s endorsement, IIBX aims to meet various needs and manage risks.
develop India into a major international gold VS • Monopolizing imports into one platform
hub. could deter supply during disruptions,
• Simplifying import channels enhances reduce competition, and limit customer
supply chain efficiency and reduces choice.
transaction costs, benefiting all
stakeholders in the long term.

Operational & Market Diversity:
• India’s import landscape is multi-layered, involving export zones, domestic tariff areas, and special economic
zones. The panel also highlighted the importance of maintaining multiple channels to serve different industry
needs effectively.

Public & Industry Sentiment:
• 73% of the audience opposed a single import channel, favouring diversity and operational flexibility.
• Industry leaders agree on the importance of innovating through technology while preserving access for
various market players.

Conclusion:
• Striking a balance between a centralized, efficient system and a resilient, diverse framework will be key to
India’s gold market evolution.

41