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NCDEX encourages domestic gold supply with ‘Gold Now’ platform
Aims to reduce dependence on gold imports
By: Diamond World News Service
Jul 6 2015 11:16PM
Reference: 11667  

NCDEX (National Commodity & Derivatives Exchange Limited), the leading national commodity exchange, has recently launched a new national market for gold – ‘Gold Now’. It has also opened a delivery centre in Hyderabad for the same.

The “Gold Now” platform is the first transparent and convenient online market for buying and selling gold, according to NCDEX. The platform aligns with ‘Make in India’ campaign of the Modi government. It will accept gold recycled in exchange-approved refineries as Good Delivery.

Suresh Devnani, Head-Business, NCDEX, said, “With the launch of the Gold Now national marketplace, we are creating an ecosystem that is at par with international standards which will help the Hyderabad bullion and jewellery industry improve its efficiencies.” The platform would assist reducing the dependence on gold imports and push the domestic recycling industry, which at present consists of 17 refineries, according to NCDEX. Approximately 20,000 tonnes of gold is estimated to be lying with Indian households, temples and trusts. The same if mobilized effectively, could encourage domestic supply and reduce dependence on imports, in line with the government’s proposed Gold Monetization Scheme.

Gold Now will offer bullion in 1-kg and 100-gram forward contracts for six centers with daily delivery facility through T+1 and T+2 settlement system. In addition to Hyderabad, Ahmedabad, Chennai and Delhi, delivery will also be available in Mumbai and Jaipur shortly.

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