The gifting of gold at weddings and festivals, and its purchase as a store of value are deeply held traditions in India, and the country has been trying to overhaul its fragmented gems and jewellery industry to make supply more transparent, help enforce purity standards and bolster confidence among consumers.
MUMBAI: India is moving closer towards setting up spot contracts for gold, finalising rules for trading and providing the world’s second-biggest consumer a firmer grasp over setting the price of bullion.
The gifting of gold at weddings and festivals, and its purchase as a store of value are deeply held traditions in India, and the country has been trying to overhaul its fragmented gems and jewellery industry to make supply more transparent, help enforce purity standards and bolster confidence among consumers.
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