Gold management | Business Line

Gold management | Business Line This refers to ‘All that glitters is not gold’ by Sutanu Behuria (May 4). The purity issue needs immediate attention. Those who are in the business of encashing people’s craze for gold by selling spurious products in the absence of reliable technology to check quality have started moving to platinum and diamond jewellery. The time is ripe for the authorities to think in terms of dedicated professional institutions to 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 a set-up will command respect and manage skills needed to instil credibility about certifications. States like Kerala have successfully intervened in similar sectors such as chits 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. The establishment of ‘gold corporations’ with State participation could also be considered. They could be depositories where the gold that individuals now store in bank lockers and pledged gold can find a safe shelter, provided the purity is ensured. MG Warrier Thiruvananthapuram

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