Many global banks are planning major gold trading programs in India as the country appears to have become one of the largest and most active industries for spot and online gold trading.
This could predict a boom in the online gold Make
in India trade. India imports and uses a large amount of the world's
yellow metal and attracts global gold trading companies. India imported nearly
400 tons of gold in 2008. Imports and sales of precious metals appear to
have slowed in 2009, but analysts predict that India's gold industry will
continue to grow rapidly in the coming years.
As a result, the world's largest banks have released plans
for online gold trading in India. These companies include HSBC,
Scotiabank, Standard Bank, and Citibank. The plans of these banks include
initiating all gold sales and hedging transactions, importing gold, and
partnering with Indian regional banks to sell gold coins and launch various
precious metal deposit systems.
Scotiabank is the second-largest financial institution in
Canada and is in the final stages of trading and hedging gold and other
precious metals such as diamonds, platinum, and palladium in India.
With approval, Scotiabank can establish a suitable relationship
with HDFC Bank or even the financial institution ICICI to trade gold and
certain other precious metals through the Indian commodity exchanges.
Scotiabank is considering establishing a wholly-owned subsidiary to trade gold.
Scotiabank currently has offices in major Indian
metropolitan areas such as New Delhi, Mumbai, Bangalore and Coimbatore. The
Bank of Canada now plans to modernize its branch system in India. A Scotiabank
official told Commodity Online his intention to trade in commodities in India,
saying, "We are focusing on gold because gold is the largest investment
for Indians."
India allows up to 100% foreign investment through automated
cash wholesale channels and conducts trade and exchange for export.
Scotiabank is one of the leading financial institutions in
North America. It is represented in 50 countries with more than 2,000 offices.
India, major financial companies such as ICICI and HDFC, and India Post, the
Indian government's postal agency, actively promotes the gold trade and sale of gold
coins.
Experts say plans for foreign participants, such as banks to
trade precious metals in India, bode well for the country's massive gold
industry. India is the largest importer and user of gold in the world.
Therefore, it makes sense that the big banks take advantage of buying and
selling gold online in this country.
With an annual growth rate of approximately 15%, the Indian
gemstone and jewelry industry is one of the fastest-growing segments of the
Indian economy.
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This country is also the largest gold consumer in the world.
It cost nearly 800 tons. Gold represents 20% of the global gold consumption and
is used to make nearly 600 tons of jewelry.
India could also be the world's largest trading center for
gold, with a target volume of $ 16 billion by 2010. The industry has the best
manpower to design and produce large quantities of beautiful jewelry at low
labor costs.
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