Page 10 - Bullion World Volume 03 Issue 07 July 2022

Bullion World | Volume 2 | Issue 07 | July 2022

The Senior Management is and rituals, leading to a high demand
committed to drive SAM’s overnance for gold jewellery in the Indian
and Compliance standards to an markets during the wedding and
even higher level. This commitment festival seasons. India’s total gold
applies to our relationships with demand was 797.3 tonnes in 2021,
customers, partners, suppliers, showing a significant jump of 78.6%
vendors, employees, competitors, as compared to the previous year.
consultants, and investors, and the Further, the jewellery demand during
public at large. It is our Policy to 2021 increased by 93% to 610.9
conduct our affairs in accordance tonnes, compared to 315.9 tonnes
with all applicable laws, rules, and in 2020.
regulations of the jurisdictions in
which we do business or seek to do Switzerland was the larger exporter
business, as well as with industry of gold to India in 2021 with a
best practices and standards. quantity of 469.66 tonnes, followed
by UAE (120.16 tonnes), South
documented sequence of custody of Can you give your views about Africa (71.68 tonnes) and Guinea
material as it moves along the supply the Gold Bullion business to India (58.72 tonnes). Under the CEPA,
chain. The RJC’s CoC Standard before and after CEPA. India has extended UAE a 1%
defines the requirements for creating UAE and India have long-standing custom duty concession for up to
a CoC of precious metals that are cultural, religious, and economic ties 200 tonnes of gold imports. As a
responsibly produced, processed, that have fostered a healthy result of this concession, the import
and traded through supply chains, strategic relationships between the of gold bullion from UAE will provide
and that are third-party assured at two nations. Over the years, UAE Indian traders with a significant
every stage. The Chain of Custody and India have become strong commercial advantage with respect
certification provides a guarantee trading partners, currently having a to the tariff India charges rest of the
of the integrity of our products and bilateral trade of about $60 billion. world. Thus, over time, UAE has the
materials – allowing us to tell the Now, with the newly implemented potential to replace Switzerland as
complete story about how they were Comprehensive Economic the largest gold exporter to India.
sourced, traced, and processed, Partnership Agreement (CEPA), it is In the coming times, SAM Precious
from mine to retail. expected that trade between the two Metals, with its highly quality

countries will reach $100 billion products and strong international
SAM’s vision includes creating dollars in the non-oil sector within reputation, will play a significant role
a support system for the Gold the next few years. in providing the Indian market with
and Precious Metals Industry access to sustainable supply of gold
organisations to be compliant with India is one of the larger consumers bullion and contributing to bringing
Responsible Sourcing. Thus, SAM of gold in the world, with India's gold the benefits of CEPA to the Indian
Precious Metals has led various imports ranging to 1,067.72 precious metals traders.
initiatives to raise awareness on tonnes in 2021. India's gold demand
Responsible Supply Chain, Human is driven by a wide range of factors,
Rights, and AML/CFT. SAM has with cultural affinity, longstanding
worked with a wide variety of customs and festive gifting traditions
stakeholders, providing support playing an important role. Indian
in developing improved regulatory have historically considered gold as
outcomes and a strong Responsible an important investment instrument,
Sourcing culture within the Gold treating it as a hedge against
and Precious Metals Industry. The inflation. In India, gold is regarded
focus is to prevent shortcomings, as auspicious and sacred, which
identify issues before they become a many believe brings wealth and
concern, and lead to more efficient good fortune and thus, plays an
compliance solutions. important role in various ceremonies

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