The Dubai Precious Metals Conference, organised by DMCC, held on 18-19 November 2024 at JAFZA One Convention Centre, serves as a vital platform to address the most pressing issues impacting the precious metals industry today.
Surendra Mehta, National Secretary-IBJA, was one of the esteemed speakers at DPMC. Speaking at the conference, Surendra Mehta presented IBJA’s perspective on BRICS precious metal trade and put forward the following suggestions.
· BRICS precious metal trade is possible only with collective support, collective growth and trust on each other countries amongst BRICS nation.
· Unified trading platform required.
· Separate clearing and settlement mechanism required.
· Blockchain technology for entire supply chain required.
· BRICS nation need to create separate gold reserve.
· BRICS nation need to settle trade in new currency called BRICS currency.
· New BRICS Gold standard required replacing individual countries standard of Russia, China, India.
· Indian and China being major consumer of gold can play crucial role in BRICS.
· Separate vault and logistics corridor to be set up for BRICS trade.
· All BRICS nation need to bring down import/export duty to zero for seamless trade amongst BRICS nation.
· Other trade amongst BRICS nation can be permitted to be settled in gold.
· To decide about the country where unified trading platform can be set up.
· The seriousness can be achieved only with giant steps and not small , incremental steps
· There is no competition if BRICS gold standards are better than existing one.
· Strict tax and regulatory compliance including compliances of anti-money laundering laws will be key to success of precious metal trade amongst BRICS nation.
· Formation of committee of stakeholders from BRICS nations will be a key to understand issues prevailing in each of BRICS nations.
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