gold prices: BSE, GJC sign MoU on commodities, EGR market

BSE on Wednesday signed a Memorandum of Understanding (MoU) with the Gem & Jewellery Council (GJC) to provide impetus for the growth and development of commodities and proposed EGR market in India. Apart from knowledge sharing and research, the MoU will help standardise EGRs for Indian markets and enhance transparency in pricing.

The MoU between both entities will also explore potential business and facilitate growth by sharing knowledge and expertise to promote the launch of the India International Bullion Exchange at GIFT city IFSC. Through this association, BSE and GJC, as well as the stakeholders they serve, will be able to capitalize on the synergies, knowledge and expertise to support innovations and development in spot trading for gold.

Sameer Patil, chief business officer, BSE said “With this MoU, BSE is confident of playing a transformative role in developing a vibrant gold exchange in both the domestic and International zone. The idea of spot trade via EGR and IIBX will lead to greater assurance in the quality of gold supplied, efficient price discovery and transparency in transacting in gold for all stake-holders.”

Ashish Pethe, chairman, GJC said “I welcome the MoU with BSE which shall help members of GJC mitigate price risks of gold in both the domestic and international zones. This would further help our members procure gold of high quality thus making our industry more competitive in the global markets.”

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