NSE, MCX, and BSE are in the race to start the gold exchange. National Stock Exchange (NSE), Bombay Stock Exchange (BSE), and Multi Commodity Exchange (MCX) are in the race to start a gold exchange in India. Market regulator SEBI is busy making guidelines for this.
The Spot Gold Exchange in India is expected to start operations in the current financial year. National Stock Exchange (NSE), Bombay Stock Exchange (BSE), and Multi Commodity Exchange (MCX) are involved in the race to start a gold exchange in the country. Market regulator SEBI is busy making guidelines for this. It is expected that the gold exchange will start in February-March. The gold exchange will function like a normal stock exchange, where spot gold can be bought and sold.
Bullion business will change –
Experts say that with the introduction of gold exchange, the nature of the bullion business will change. The jewelry industry will be organized. This will give people the option to buy gold at the same price across the country. Currently, gold prices vary from country to country. Once the gold exchange starts, people who buy gold will get a digital receipt and the gold will be stored in the vault. Buyers will also be able to take physical delivery of gold but will have to pay a courier charge.
Draft guidelines released –
Surendra Mehta, national secretary of the India Bullion and Jewelers Association said that the wait for spot gold exchange will be over in the next few months. SEBI is working in this direction. The draft guidelines have been released. It will be finalized soon.
Minimum risk –
Surendra Mehta said the prospects for spot gold exchange are good. That’s why domestic exchanges that are technically sound, are taking interest in it. He said that keeping gold in digital form would reduce the risk of theft. There will be no loss due to insurance coverage.
Ahmedabad will become the center -Of gold
With the start of the spot gold exchange, Ahmedabad will also become a hub of bullion business along with Mumbai. The platform for International Bullion Exchange is ready at GIFT City. A vault has also been arranged to keep the gold. The proposed gold exchange will buy gold from this. At present, bullion traders import gold through banks.
Gold Jewelers will also benefit along with common people –
An official of GJF, an organization of bullion traders, said that the gold exchange will benefit jewelers. They will be able to book gold when it is cheaper. You will be able to ask for physical delivery to make jewelry according to your need. Customers will also be able to make jewelry by buying gold according to their capacity. They only have to pay the making charges to the jewelers.
Also, Read the Invitation to the James Webb Space Telescope launch.
