Page 7 - Bullion World Issue 10 Volume 05 October 2025

Bullion World | Volume 5 | Issue 10 | October 2025

The association called for revising the minimum
weight criteria to one kg or above. Also, the
association requested for permitting export by
licensed aggregators (in addition to the mining
company) permitted to export gold by the origin-
EDITORIAL country. Lastly, association requested for permitting
assay report from any government approved assay
laboratory of the origin country.
The definition of “actual user” limits imports to only
Dear Readers, those who directly refine Dore bars into bullion. This
rigid approach excludes users who contract third-
Happy to inform you all that India Gold Conference party refining or smaller exporters. Broadening
2025 concluded successfully amidst soaring gold the scope-while maintaining traceability and
prices. While jewellery demand in India has seen compliance-would boost local value addition and
a considerable decline in volume terms in the last job creation. Lastly, the condition that Dore bars
two quarters of Fy26, the demand for investment must be shipped directly from the country-of-origin
products physical as well as ETFs continues to remain disregards real-world logistics, where goods often
buoyant. Participants expect a plethora of innovation pass through certified international hubs. Permitting
from the jewellers such as light-weight, low-caratage transshipment through accredited warehouses, with
jewellery to push up the demand. proper documentation, would ease supply chain
constraints without compromising traceability.
Some of the key concerns raised at IGC2025 are as
follows. First, participants expect earliest resolution There was also a call for banks, and gold ETF
on TRQ gold. Secondly, the association of gold sponsors to accept India Good Delivery gold and
refiners and mint (AGRM) called for urgent attention silver. Commodity exchanges have already started
to correct the inverted duty structure that prevail accepting India Good Delivery bars from refiners
today between the Dore imports (@5.35%) and who have been successfully accredited by third-
the standard gold imports through CEPA route party. With supportive policy changes, India can
(@5%). Additionally, the association pleaded for accelerate its ambition to become a global bullion
reviewing the regulations pertaining to import of hub, promote domestic refining, and drive jewellery
Dore considering most of the Dore is sourced from exports. Policymakers have an opportunity to evolve
the ASM sector. The current regulation requires that the framework, making it more agile and aligned
each Dore bar must weigh a minimum of 5 kg or with international best practices-while upholding
above. Secondly, the rule prescribes that the gold the integrity of India’s gold and silver trade.
Dore should be accompanied by an assay certificate
from the mining company or its lab. While these For all those attending the LBMA annual conference,
are possible for gold Dore sourced from large-scale do attend the 'Eventell Chat Party' on October 27,2025.
mines, it becomes a huge challenge for Dore sourced
from ASMs. Best wishes,
G Srivatsava
Editor

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