There is no secret that the gold markets are losing their charm. In the last few years, there has been a huge decrease in the gold sales. But, gold imports are swelling at a decent rate, which has been a trend in the recent time. With the onset of wedding season, the rush in the gold markets used to increase drastically. However, the scenario has changed quite a lot. The wedding season has hardly changed the plight of gold markets, which keeps haunting the industry. A number of gold bazaars including the famous markets of Delhi, Mumbai and Bangalore had to bear the brunt of decreasing sales. But, organized players like Rajesh Exports have hardly been affected, which can be seen by the strong results posted by the company. Around 35,000 weddings took place in the month of November and December respectively. While a slight increase in gold demand hardly made a difference for unorganized jewellers, Rajesh Exports witnessed a major increase in sales. Apart from Rajesh Exp...
India boasts of having large refineries. A number of new refineries are also being set up in the country. The factories in Uttarakhand process third of the gold refined in India. So, it becomes important for the country to implement gold sourcing standards for the refiners. The country has the largest hoarders of gold in the world (in the region of 25,000 tonnes). So, there is a need to set separate norms. The Bureau of Indian Standards has given bullion refineries time till May 2018 to register with it. By setting up these standards, there will be transparency in mineral supply chains. It will also favor the Indian refiners as an implementation of standards based on the guidelines of OECD (organization for economic cooperation and development) will help them mark their presence on a global level. They will be able to meet the expectation of banks, patrons, and customers around the world. Tyler Gillard, the head of the responsible business conduct unit, investment divi...