The India Gold Policy Centre (IGPC), part of the Indian Institute of Management, Ahmedabad (IIMA), has proposed the establishment of a 'Gold Trust of India' and a dedicated ministry or centralized entity for bullion and precious metals. The recommendations were presented at the ninth edition of the IGPC-IIM-A Annual Gold and Gold Markets Conference 2026, held in New Delhi earlier this week.
Key Proposals for India's Gold Economy
IGPC argued that India must position itself as a global gold-pricing hub amid changing international trade dynamics. The conference focused on technology-led reforms, governance frameworks, and structural changes needed in India's gold economy. Presenting the recommendations, Prof Sundaravalli Narayanaswami, chairperson of IGPC, outlined several key initiatives.
Gold Trust of India Model
Prof Narayanaswami explained that household gold could be brought into the formal economy through a Gold Trust of India model. Under this scheme, citizens could voluntarily register bullion donations through authorized channels and receive tax benefits similar to Section 80G exemptions. The collected bullion would then be re-circulated into the market or added to central bank reserves.
Unified Import Channel and New Ministry
The proposals also include consolidating bullion imports through a unified channel. Additionally, the establishment of either a separate ministry for bullion and precious metals or a dedicated entity tentatively named 'Swarn Shakti' was recommended. This entity would coordinate policymaking and business transactions. The broader objective, she said, is to make India the 'gold capital of the world' and eventually a two-way gold price setter.
Expert Views on Gold Sector Reforms
Addressing the conference, Dr Hasmukh Adhia, former finance secretary and principal adviser to the Gujarat Chief Minister, emphasized the importance of managing gold imports, accelerating financialisation of gold, and strengthening India's ability to influence global gold-pricing mechanisms. He cautioned against reactionary policymaking in the sector.
Discussions on Technology and Policy
Experts at the conference also discussed a variety of subjects, including tokenisation of gold markets, digital trade systems, evolving consumer demand, and policy bottlenecks affecting the bullion ecosystem. Industry representatives, jewellers, refiners, exchanges, banks, and policy researchers participated in panel discussions and academic paper presentations over the two-day event.
