The Chairperson of the International Financial Services Centres Authority (IFSCA), K Rajaraman, advocates for the establishment of gold refining facilities within India, citing its significant position as a major global purchaser of the precious metal.

Rajaraman emphasizes the potential for value enhancement within the sector, positioning India not only as a trading hub but also as a refining center. He suggests exploring the possibility of initiating refining operations within the GIFT city, leveraging existing regulatory frameworks and considering adjustments to tax policies or customs tariffs if necessary.

Speaking at a gold conference organized by the India Gold Policy Centre (IGPC) at IIM Ahmedabad, Rajaraman underscores IFSCA's role in the development and regulation of financial products and services within the International Financial Services Centre (IFSC) at GIFT City, Gujarat.

Additionally, Rajaraman highlights ongoing collaborations with the RBI concerning gold metal loans and leasing ecosystems. He proposes the development of a financialization index for gold, aiming to unlock the economic potential of gold reserves currently underutilized, thereby stimulating economic growth and job creation.

Rajaraman further discusses India's prominent position in the global gold and silver markets, advocating for a more assertive role in international markets and emphasizing the importance of adopting global best practices, including responsible sourcing and robust delivery standards. He suggests that enhancing delivery capabilities across major cities in India would further bolster GIFT City's role in the gold market.

Established in November 2014 with support from the World Gold Council, the India Gold Policy Centre (IGPC) at IIM Ahmedabad conducts research focused on the Indian gold industry, contributing to policy discussions and industry development.