Mumbai, May 28, 2015: NCDEX, the leading national commodity exchange, today announced the launch of a new national market for gold.
The "Gold Now" platform is the first transparent and convenient online market for buying and selling gold.
Aligned with the "Make in India" campaign of the government, the platform will accept gold recycled in exchange-approved refineries as Good Delivery. This is intended to reduce the dependence on imports.
Samir Shah, MD & CEO, NCDEX, said, "With the launch of the Gold Now national marketplace, we are creating an ecosystem that is at par with international standards and which will help the bullion and jewellery industry improve its efficiencies."
The Gold Now platform will provide an impetus to the domestic recycling industry, which at present consists of 17 refineries.
After a year-long exhaustive and meticulous accreditation process which was designed and conducted by three leading experts of international repute, the Exchange has approved four domestic refineries as Good Delivery on the Gold Now platform.
They satisfy the stringent financial, technical and customer due diligence standards established by the Exchange.
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.
The cities where delivery will be available include Ahmedabad, Mumbai, Delhi, Kochi, Hyderabad and Chennai.
Approximately 20,000 tonnes of gold is estimated to be lying with Indian households, temples and trusts.
If mobilized effectively, this could create a domestic supply of gold, while reducing dependence on imports, in line with the government's proposed Gold Monetization Scheme.