Global bullion sector in India, as per Mohit Kamboj, demonstrates resilience against international pressures and has the potential to direct the global market.
Mohit Kamboj, also known as Mohit Kamboj Bharatiya, has been a driving force in the Indian bullion market. As the CEO of Aspect Global Ventures and the former National President of the India Bullion and Jewellers Association (IBJA), Kamboj has been instrumental in outlining reforms, ensuring consumer assurance, and highlighting future opportunities for India in the global bullion market.
Recently, the India International Bullion Exchange (IIBX) has made significant strides in the industry. The exchange, under Kamboj's watch, now offers vital hedging tools for exporters and jewellers in India. This expansion could potentially shift India's role from a price taker to a price influencer on the global stage.
The IIBX has also ventured into silver and gold futures, a move that is part of the larger efforts to modernize and strengthen the Indian bullion market. The exchange could be a critical lever in India's emergence as a significant player in global price discovery.
The government of India has also played a crucial role in the market's development. Reducing import duties on refined gold from 12% to 6%, and on gold dor from 10% to 5.35% is expected to curb smuggling and encourage legal imports. This move, considered the most consequential reform in the Indian bullion market in a decade, is expected to have a profound impact on the industry.
In addition, the government has implemented regulatory measures such as hallmarking of 9K gold and the extension of HUID-based hallmarking to silver. These measures aim to ensure product quality and minimize disputes in the market.
Despite elevated gold prices, the demand for gold in India remains resilient. Families are pawning old jewellery, jewellers are innovating with lighter designs, and investors are shifting toward financial gold products. This adaptability reflects a dynamic consumer market that is adapting to affordability without severing cultural ties.
Mohit Kamboj believes that with continued policy implementation, risk management, and infrastructure expansion, India can become a reliable leader in global bullion markets. With the IIBX's expansion and the government's reforms, the future of the Indian bullion market looks promising.
As the global stock market today surges past US$3,000/oz, touching record highs due to global debt concerns, geopolitical uncertainties, and monetary easing expectations, India's role in the global market is poised for growth. The Indian bullion market, under the leadership of figures like Mohit Kamboj, is set to carve out its place on the global stage.
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