Page 5 - Bullion World Issue 10 February 2022_Neat

Bullion World | Issue 10 | February 2022

EDITORIAL

Dear Readers,

In the Union Budget 2022-23, Finance Minister Smt Nirmala
Sitharaman reduced customs duty on cut and polished diamonds
to 5%. It is indeed a supportive step for the jewellery segment.
The Government is also planning to develop a simplified
regulatory framework that will facilitate jewellery export through
e-commerce. It is a welcome move and will encourage the Indian
jewellery brands to build an International customer database and
export jewellery with ease.

In a historic move, the government of India permitted the
nominated agencies notified by RBI (in case of banks) and nominated agencies notified by DGFT
and qualified jewellers as notified by International Financial Services Centres Authority (IFSCA) to
import Gold through India International Bullion Exchange IFSC Ltd (IIBX). The important addition
has been permitting qualified domestic gold jewellers and bullion dealers to buy gold bars and
coins directly from IIBX, Gift City, and Ahmedabad. Till now, the imports were permitted only
through RBI nominated banks and DGFT notified entities on a consignment basis, which meant the
ownership stayed with the exporter till its agent sold it to the importer. Premium was handed to the
agencies or banks for handling the Gold. With IIBX being operational, qualified domestic players
can purchase bars or coins from an international supplier who is also a member of IIBX. This will
create another level of price transparency in the business of Gold. It is expected that the import
will increase with the pent up demand continuing to stay in 2022. India more than doubled its gold
imports in 2021 to $55.7 billion, from $22 billion in 2020. Seeing this situation, this was the best
move that could have happened.
Launching India’s First Blockchain Solution
In this edition of Bullion World, we have focussed on the challenges faced by the two-tier cities with
for DIGITAL GOLD the introduction of mandatory hallmarking and HUID, with an exclusive interview with Mr Harshad
Ajmera. On the other side, Ms Renisha Chainani has talked about, "Can Gold be used as an inflation
FIRST IN hedge?" and presented her views vividly. India’s first Silver ETF was launched in the second week of
SEGMENT
January. Silver ETF is suitable for investors looking for portfolio diversification outside stock markets,
especially if one can stick around for the medium and long term. Continuing with our series on the
SEQUEL LOGISTICS partners with CHAINFLUX to provide Silver industry, we have covered silver paste and its usage this time. Although a nascent segment,

unmatched security and digital transparency to all silver paste has a vast potential for growth, given India's ambitious solar PV manufacturing goals.
participants in the Digital Gold value-chain.
We hope you enjoy reading this edition of Bullion World. If you have anything interesting to share,
please write to us at editor@bullionworld.in.
Our integrated blockchain platform enables the participants to view,
Best wishes,
verify and authenticate important & relevant information against the Neelambari Dasgupta

digital gold asset purchased, such as the physical bar identity, its origin, Editor
compliance record, current vault location and assay certi�cate.

Contact us to partner for your digital gold product: digital.gold@sequel.co.in

www.sequelglobal.com

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