“Gold exchange can be set up by government-owned banks or institutions or the RBI may allow private sector shareholders, subject to regulations which will be prepared. But, the government has not favoured this idea. Somasundaram P R, India managing director, WGC, said, “Discussion in India on how gold can help the economy is healthy and idea of gold exchange should be examined by the sector as it will improve price transparency and improve gold-related infrastructure in India and bring over-the-counter trades on the exchange’s platform.” Mohit Kamboj, president of India Bullion and Jewellers’ Association had preferred setting up a gold bank dedicated to the needs of the bullion sector.
Turkey has set an example for successful gold monetisation. Istanbul Gold Exchange in Turkey has helped improve gold infrastructure significantly there. It is the world’s largest and the gold market in China is regulated by it. Shanghai Gold Exchange was set up in 2002.
Multilaterals, International Policy & Strategy.Confederation of Indian Food Trade and Industry (CIFTI).
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