Gold, the second biggest import item for India in terms of value, is increasingly playing an important role in the circular economy that can meet part of the demand for the yellow metal from internal sources and save precious foreign exchange reserves. To integrate gold into the circular economy, every stakeholder is stepping up to bring in more transparency, trust, purity and responsible mining practices, experts from the field said.The panel consisted of Asher O, MD – India Operations, Malabar Gold & Diamonds; Sachin Jain, Regional CEO India, World Gold Council; Vikram Dhawan, Head Commodities and Fund Manager, Nippon India Mutual Fund, Kaushlendra Sinha, CEO, Indian Association for Gold Excellence and Standards; and Mayank Sharma, President and Head of Gold Loan, IIFL Finance.
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Asher said Malabar Gold & Diamonds meets about 80% of the demand for gold from people trading in their old stock. Sinha of IAGES said a recent study by the entity showed a large number of young buyers were asking about gold’s source, indicating a responsible buying attitude. Jain of WGC said they released a report suggesting responsible mining in India to substitute excessive dependence on imports. Sharma discussed gold loans and how credit flow from the sector is helping households and MSMEs. Dhawan explained how gold ETFs are leading to financialisation of the metal.tnn
