India Gold Policy Centre (IGPC)

The India Gold Policy Centre (IGPC) was set up in November 2014 with grant from World Gold Council. It is a centre of excellence, conducting cutting edge applied research on the Gold Industry in India, that provides insights and suggest ways the findings can be put into execution for bringing reforms in the Indian gold market. As a think tank it strives to impact policies and practice in the gold ecosystem through research, engagement, policy recommendations and training.

IGPC works closely with the government and the industry for providing meaningful policy advisory for mapping all segments of the gold value chain for a uniform reform impact. With the accentuation of deliberations in global conventions, proactive stance of policy makers and stakeholders in the value chain, the winds of change have become significant ingredients of deliberations at the Centre.

At IGPC, policy is at the forefront by creating an impact on economy through formalizing the gold trade, making the industry a positive dollar earner and increasing its share to GDP is at the core of its thinking. In addition to these we continue to increase our reach in the academic world and encourage creation of scholars in the field of gold. We have MoUs been signed with many institutions in India and overseas together to work on various research projects.

Over the years, the Centre had provided multiple inputs to policy makers on monetising household gold, on hallmarking, building market infrastructure institutions, on the taxes and tariffs related to gold, India’s bilateral trade agreement with other countries, on consumption patterns in gold and so on. During 2021-22, the Centre can claim with some pride that many of these inputs have led to policy measures taking shape in the country in a meaningful fashion. The centre also does empirical work in the area of gold consumption by conducting a nationwide household survey that is statistically representative of 307 million households.

IGPC shoulders the responsibility of functioning as a beacon for India’s gold industry but this is possible only with collective efforts of all stakeholders to transform it into a sustainable transparent ethical ecosystem.

Activities of Centre

  • Carry out high quality research
  • Produce an annual lndia gold policy report
  • Disseminate research through a variety of channels including media outreach, participation in industry conferences, roundtable discussions and/or authored articles
  • Engage with government and policy makers about the role of gold in the financial architecture and gem and jewellery industry.
  • Develop business case studies on gold's role in the financial system and society
  • Build relationships with other leading management institutions and global institutions on gold industry research, including WGC's other global research initiatives.

Themes of Research
The Centre shall focus on multi-disciplinary, thematic, applied research in several key areas relating to the use of gold as a fungible financial asset in India. The themes of research undertaken by the Centre shall be outlined by the Governing Body of the Centre and shall illustratively include, but not be limited to, the following topics:

  • Policy on gold industry in India and internationally, including policy frameworks and effective implementation of policies.
  • Role of gold in the Indian and global economies; India's role in the global and regional gold markets; India's response to China emerging as a major player and price influencer in the gold market; and gold's role as an asset class in relation to the financial system, including households, banks, and financial companies.
  • Consumption patterns and consumer behaviour across geographies and commitments and inflexion points based on cultural attachment of households to gold.
  • Putting gold to work for the economy - developing the required framework and incentives to increase domestic supply of gold through recycling and other forms.
  • Setting world class standards and creating a robust gold ecosystem in India.
  • Desensitising the current account deficit from gold.
  • Gold marketing, including demand analysis, branding opportunities, professional marketing, purchase triggers, and other socio-economic aspects.
  • Employment in the gold industry; organized and unorganized parts of the industry; and the industry's evolution overtime.
  • Identifying the institutional infrastructure underlying and needed to strengthen the India Gold industry, including a gold exchange, a gold bank, accredited refineries, vaulting facilities and hallmarking.

Governing Committee
  • Director: Prof. Errol D'Souza
  • Chairperson: Prof. Arvind Sahay
  • Faculty representatives from IIMA: Prof. Errol D'Souza, Prof. Joshy Jacob
  • Representative of World Gold Council: Mr. PR Somasundaram, Managing Director, India
  • Industry Representative: Prof. Rama Bijapurkar

Members of the Centre
  • Prof. Arvind Sahay (Marketing)
  • Prof. Errol D'Souza (Economics)
  • Prof. Joshy Jacob (Finance and Accounting)
  • Prof. Viswanath Pingali (Economics)
  • Prof. Neharika Vohra (Organization Behaviour)
  • Prof. Sanket Mohapatra (Economics)



Staging Enabled