All that glitters is not gold | Business Line

All that glitters is not gold | Business Line



Also read my article "Gold management needs a makeover" published in The Hindu Business Line on April 13, 2012.

My response to the article: Gold management This refers to the article “All that glitters is not gold”(May 4). The purity issue raised need immediate attention. Those who are in the business of encashing the people's craze for gold by selling spurious products in the absence of reliable technology to check quality have started moving to more grey areas like platinum/diamond jewllery. The time is ripe for authorities to think in terms of dedicated professional institutions at the regional/state level, which will handle gold from a banking angle. An apex body should be equipped with linkages for import and export of gold and gold products with borrowing and lending capabilities. Such an institutional set up will be able to command respect and organise and manage the kind of skill needed to instil credibility about the certifications referred to in the article. States like Kerala have successfully intervened in other similar sectors like chits/kuris and lotteries, which were also areas of exploitation by vested interests. Private players had to fall in line and function with discipline and self-regulation. Establishment of ‘Gold Corporations' with state participation could also be debated. Such an institution can act as a depository where the gold possession of individuals now in bank lockers and the pledged gold can find a safe shelter, provided the purity can be ensured, and the ‘Corporation' can find the resources and skill to deal in gold and retain the customers' confidence. M G Warrier, Thiruvananthapuram

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