~ The conference brought together industry leaders, policymakers, and experts to deliberate on the future of India’s gold market

~ Experts examined key issues such as import mechanisms, bullion exports, digital transformation, and India’s global competitiveness in jewellery

March 5, 2025: The India Gold Policy Centre (IGPC) at the Indian Institute of Management Ahmedabad (IIMA) organised the 8 th IGPC-IIMA Annual Gold and Gold Markets Conference 2025 on March 3-4, 2025, at Bharat Mandapam in New Delhi.

Dr V Anantha Nageswaran, Chief Economic Advisor, Government of India, and Chief Guest of the event, inaugurated the conference along with Professor Bharat Bhasker, Director, IIMA, and Mr K Rajaraman, IAS, Chairperson, International Financial Services Centres Authority (IFSCA). The conference brought together industry leaders, policymakers, and experts to deliberate on the future of India’s gold market. Through a series of thought-provoking keynote speeches and panel
discussions, experts explored the future of India’s gold market, examining key issues such as import mechanisms, bullion exports, digital transformation, and India’s global competitiveness in jewellery.

Delivering an insightful talk, Dr V Anantha Nageswaran, Chief Economic Advisor (GOI), elaborated on gold’s enduring relevance in our financial system and focused on the importance of innovation and technological advancements in the gold trade industry. He traced his interest in gold as an investment to the early 2000s economic shifts, emphasising that gold’s fundamental value stems from its scarcity and inability to be artificially produced. He discussed how India can leverage its position as a global gold leader while adopting new models for trade and export.

Dr Nageswaran highlighted gold’s critical role as an inflation hedge when policymakers resort to money printing and deficit spending. He offered a historical perspective on the gold standard as a self-correcting mechanism based on rules rather than discretion, noting how its abandonment has led to asset bubbles and unsustainable leverage. “Since currently there is a monetary non- system - and until such time that it continues - gold would continue to be relevant as a part of portfolio and store of value, which makes the role of IGPC critical as a centre for policy discourse”, he concluded.

In his inaugural address, Professor Bharat Bhasker, Director, IIMA, emphasised the government’s historic step in reducing customs duties to record-low levels, aligning with IGPC’s data-backed advocacy. He underscored the potential of integrating blockchain technology in the gold industry to ensure proper traceability and transparency, positioning India as a dominant global player in the evolving gold market landscape.

Professor Bhasker highlighted IGPC’s crucial role in bridging academic research with India’s gold industry. “The IGPC’s significant research contributions to the India Management Research Conference and its growing presence on international forums are truly commendable. Data repositories and annual reports prepared by IGPC have also visibly contributed to more informed policymaking”, he said.

Mr K Rajaraman, Chairperson, IFSCA, presented a keynote speech and highlighted gold’s growing importance as an investment in India, driven by rising demand during uncertain times. He emphasised the need for more regulations, transparency, and exchange-based trading, with India International Bullion Exchange (IIBX) showing progress. He also discussed supporting retail gold demand, technology’s role, and refining challenges in the Indian economy.

In her inaugural speech, Professor Sundaravalli Narayanaswami, Chairperson, IGPC, and a faculty member at IIMA, shared insights on the significance of the conference in fostering collaboration and innovation within India’s gold trade industry. She emphasised the importance of addressing evolving challenges in the sector and highlighted the need for strategic reforms to support growth and competitiveness. “We need to enable a short-term immediate asset disclosure scheme to boost gold monetisation. This, along with, PPP in mining leases with other nations and re-evaluation of export flows (in light of imports) under India’s trade agreements would be collectively necessary for India to become the gold capital of the world”, she said. Additionally, she shared the exciting news about the forthcoming launch of a book on India’s gold markets, which would offer valuable insights into the sector.

The conference also featured several engaging panel discussions where experts deliberated on key issues shaping India’s gold market. In a panel discussion on ‘Beyond Consignment- based Gold Imports - Balancing Trade and Value Addition’, experts shared their insights and suggested a hybrid approach to balance both models. The panel also discussed India’s export competitiveness, noting that the 80:20 policy had led to inefficiencies and corruption. This discussion further highlighted the importance of value-added exports like studded jewellery. However, technology, especially blockchain, was identified as a way to improve transparency in gold trade. Experts agreed that regulatory reforms and technology adoption would modernize and enhance India’s gold market.

A panel session on ‘How can India Really be a Competitive Jeweller, Is it Policies or Lack of Innovation?’ focused on the evolving trends in the Indian gold jewellery market, focusing on consumer behaviour and industry shifts. Experts discussed the move from investment to adornment, especially among younger consumers. They emphasised the need for transparency, innovation, and a shift towards lightweight jewellery and branded products. Technology, sustainability, and addressing global consumer demands were also highlighted, with an eye on fostering market growth and increasing industry compliance and exports.

Another panel discussion on ‘Digital Platforms in Web 4 Era’ witnessed expert insights on the anticipated impact of the digital revolution and how its effects could be fully realised. The panelists emphasised that modern consumers prioritise experience over price and highlighted potential challenges to customer retention in this new era. The last panel discussion ‘Bullion Exports from India, Achieving $10 Billion Target’, centered on the need to develop ‘Brand India’ for bullion in a manner that fosters trust in Indian gold exports. Panelists noted that once exports gain momentum, quality control would likely improve significantly. The members agreed that self-regulation – rather than government-imposed reforms – would be preferable, drawing lessons from international experiences to achieve the goal of exports.

The enriching sessions were complemented by extensive research presentations by participants on a diverse range of topics. In particular, Professor Abhiman Das, Faculty, IIMA, presented his groundbreaking research on benchmarking gold prices in India. Other participants discussed alternative supply sources, the relationship between gold prices and currency exchange rates (including multi-currency analysis), volatility spillovers in gold asset classes, and lead-lag effects in gold spot and futures prices. Papers were also presented on human resource practices in the gold sector, the rise of digital gold, and the impact of financial inclusion.

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The Indian Institute of Management Ahmedabad (IIMA) is a premier global management Institute that is at the forefront of promoting excellence in the field of management education. In more than six decades of its existence, the Institute has been acknowledged for its exemplary contributions to scholarship, practice, and
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IIMA was founded as an innovative initiative by the Government, industry, and international academia in 1961. Since then, it has been consolidating its global footprint and today it has a network with over 80 top international institutions and a presence in Dubai. Its eminent faculty members and more than 44,000 alumni,
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