"Mapping Gold Policy- Present to Future"

Prof. Arvind Sahay, Chairperson

IGPC@IIMA
3 August 2018
 Gold Monetisation Scheme
and Savings Schemes

Refining, Jewelry Making

and Trade

Banking and Bullion

Banking
Financialisation

Minimize CAD Issues

Gold as an asset class

Value addition to economy

India Good Delivery

Standards
GOLD POLICY LANDSCAPE

Spot Exchange
GOLD POLICY FRAMEWORK AND ITS PILLARS

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SUPPLIES IMPORT DOMESTIC GOLD

Bullion Dore LGD Scrap GMS Collateral Scrap Mine

ACCREDITED BANKS / NOMINATED AGENCY / REFINER MEMBERS OF THE EXCHANGE

SPOT EXCHANGE
(ONLY ACCREDITED BARS)
DEMAND REFINED
BARS

AIF/ETF BULLION TRADER BANKS JEWELLERS INDUSTRIAL EXPORTERS

(Duty free) MEDALLIONS

DEMAND
JEWELLERY
REPLENISH
AIF / MF / ETF / RETAIL INVESTOR FROM
EXCHANGE
BUY PHYSICAL GOLD LEASED TO
JEWELLER

ALLOCATED CUSTODIAN BANK LEND TO BANKS

UNALLOCATED BANKS HEDGE
(DOMESTIC /
Storage cost No storage cost OVERSEAS) SOLD
JEWELLERS OUTRIGHT
SOURCE

UNALLOCATED RECYCLED GML OUTRIGHT GMS BIPATRIATE AGREEMENT CUSTOMER REDEEMS

GOLD GOLD (IMPORTED / (IMPORTED / WITH BANKS. CUSTOMERS AS JEWELLERY
GMS) GMS) BUYGOLD BACKED
PRODUCTS FROM BANKS

SPOT EXCHANGE / BANK/ NA

Although gold and silver are not by nature money,
money is by nature gold and silver- Karl Marx

India Gold Policy Centre

Indian Institute of Management
Vastrapur, Ahmedabad 380015, Gujarat, India
T : +91 79 66324896
Email: chr-igpc@iima.ac.in
Twitter: https://twitter.com/@IndiaGoldPolicy

India Gold Policy Centre is funded by World Gold

Council 4