Digitalization and Transparency emerge as major themes at India Gold Conference

Salil Rajadhyaksha, Managing Director at Qenta Inc., attended the India Gold Conference, on August 18 and 19, 2023, in Kolkata. This conference, boasting sponsorship and attendance from organisations like the London Bullion Market Association (LBMA), MMTC PAMP, India Bullion and Jewellers Association Ltd. (IBJA), World Gold Council (WGC) and Singapore Bullion Market Association (SBMA), served as a hub for insightful dialogues and knowledge exchange.

Bullion Integrity Database, Digitalization, Transparency and Ethical Sourcing

 The event was enriched by a special address delivered by the CEO of the World Gold Council (WGC), Mr. David Tait. He emphasized the importance of adopting a bullion integrity database for the gold industry. This database is a critical foundational element aimed at creating a more accessible and fungible gold market, thereby enhancing demand. While progress has been made, there's a need for greater industry-wide adoption and implementation.

 Mr. Tait shed light on the WGC's collaboration with mining CEOs to establish a global digital standard for gold, rendering it fully accessible and fungible. This standardization endeavour seeks to mitigate risks, reduce entry barriers, and stimulate engagement from institutional investors. The transformative potential of digitalizing the gold industry was underlined by Mr. Tait, opening up novel use cases such as collateralization and funding. He underscored the necessity for industry-wide cooperation to surmount challenges and enhance transparency. Mr. Tait highlighted a significant recent meeting in Lisbon, where industry stakeholders pledged to uphold responsible and sustainable practices.

Furthermore, the conference facilitated a gathering of distinguished speakers, each contributing a unique and substantial perspective. The discussions spanned a wide spectrum of topics, elevating conversations from ethical sourcing and the digitization of gold supply chains to reshaping gold trade, broadening product offerings at exchanges, and navigating the interplay between regulation and facilitation.

Making Gold Accessible Remains Pivotal

In conclusion, most conference participants viewed digitalization as a transformative force for the gold market, underlining the importance of trust and integrity. The consensus was that making gold accessible remains pivotal, especially in uncertain times, and the call for concerted industry endeavours to ensure a transparent and robust gold market for the future resonated strongly among the attendees.

Responsible Gold™ and G-Coin® Helps Solve the Supply Chain Trust Burden and Brings Gold to the Digital Age

Qenta’s mission is to digitize the world’s assets and transactions. Our flagship product is G-Coin®, a digital title to real physical gold, where 1 G-Coin® is 1 gram of Responsible Gold™ kilobar. Responsible Gold™ is conflict-free and responsibly sourced gold with blockchain based proof of provenance and chain of custody transparency. The Responsible Gold™ Ecosystem is designed to deliver greater transparency, traceability, and accountability to the gold supply chain.

Responsible Gold™ and G-Coin®, together provide assurance on the provenance of gold, solve the compliance and price volatility problems that hamper wholesale digital asset adoption, and open channels to make gold a more accessible, liquid, everyday medium of exchange.

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