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Gold June 12, 2020 09:45:33 AM

BSE Launches India Standard Gold and Silver Delivery

Paul Ploumis
ScrapMonster Author
The previous attempts by several organizations to launch India standard delivery for gold and silver had failed.
BSE Launches India Standard Gold and Silver Delivery

SEATTLE (Scrap Monster): The Bombay Stock Exchange (BSE) reiterated its commitment to develop the Indian bullion market. The exchange introduced India standard gold and silver delivery in F&O segment. It must be noted that the Bureau of Indian Standard (BIS) had recently notified standards for purity of gold and silver.

The latest move could potentially transform India’s status as ‘price-setter’ for the above-mentioned precious metals. Currently, the country is a ‘price taker’, despite being one of the largest consumers of gold and silver in the world. The country consumes approximately 800-1,000 tonnes of gold and 6,500-7,000 tonnes of silver every year.

The previous attempts by several organizations to launch India standard delivery for gold and silver had failed, as they lacked trust. In an attempt to ensure trust, the exchange has sought an undertaking from a number of Indian refineries. The delivery is expected to commence with effect from the expiry of current contract. The delivery will be at no discount or premium to London Bullion Market Association (LBMA)-approved bullion.

Following the launch, Indian exchanges will accept Indian refined. Until now, only LBMA-approved gold bars were accepted for delivery by bullion exchanges. The BIS-approved refineries can now provide gold and silver bars that meet specified technical requirements, the exchange notification read.

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