Why gold refinery consolidation is the need of the hour

Why gold refinery consolidation is the need of the hour: Finance Minister Arun Jaitley's decision to cut arbitrage may ensure that the standards of purity of the refined gold in the Indian market meet the global benchmark...



GOLD REFINING

This refers to the report “Why gold refinery consolidation is the need of the hour”
(Business Standard, April 24, 2016). One is not sure, whether this well argued piece, highlighting certain linkages crucial for all the three gold monetisation/investment schemesof GOI/RBI introduced in 2015-16 in different ways will be seen by those
responsible for policy formulation and implementation, as the report has been
published on a Sunday!
We have seen that pessimism has been the hallmark of every move towards better
management of domestic gold stock since the budget announcement on the subject.
Vested interests planted stories about prospective failure of gold monetisation
scheme and Sovereign Gold Bond Scheme. Arrangements conforming to international
standards for refining gold (both scrap gold and gold stock with uncertain
purity levels held with temples, religious bodies, banks and perhaps even with
RBI- Let us not forget 1991, when tonnes of gold had to be physically
transported abroad for pledging) will go a long way in improving availability
of standard gold in the Indian market.

M G Warrier, Mumbai

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