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Fashion Value Chain
3 hours ago
- Business
- Fashion Value Chain
Divine Blessings in Silver: MMTC-PAMP Launches 99.99%+ Silver Char Dham 20gm Coin Series Honouring India's Spiritual Compass
Aesthetically created with the Finest Swiss Craftsmanship, each coin celebrates one of the Char Dham and its significance The colourful coins weigh 20 grams each and are made from 99.99%+ purest silver, making them ideal for collectors, gifting and spiritually inclined customers Honouring the cultural and spiritual significance of the Char Dham Yatra, MMTC- PAMP, Indias only LBMA accredited Good Delivery Gold & Silver refiner and recognised as the purest precious metal brand in Asia and India, has launched a set of four (20 gram each) purest silver coins paying homage to Indias most revered pilgrimage destinations – Badrinath, Dwarka, Puri, and Rameswaram. MMTC-PAMP Launches 99.99%+ Silver Char Dham 20gm Coin Series Each 20-gram coin in this exclusive set is crafted from 99.99%+ purest silver, ensuring the highest purity standards while celebrating the architectural grandeur and spiritual significance of these four sacred sites. Additionally, each coin captures the unique mythological significance and distinct architectural essence of the respective pilgrimage site, making this collection a comprehensive tribute to Indias spiritual geography. Speaking about the launch of the Char Dham collection, Mr Samit Guha, Interim CEO and CFTO of MMTC- PAMP, said, 'Our Char Dham collection is a uniquely crafted tribute to the four holiest pilgrimage sites of India, spread across four corners – Badrinath in the north, Dwarka in the west, Puri in the east, and Rameswaram in the south. Each of the four coins in this set celebrates one of the Char Dhams, capturing the spiritual, cultural significance, architectural marvel, and the beautiful landscape. Each piece in this collection tells a centuries-old story of devotion, connecting contemporary collectors with Indias timeless spiritual heritage through the finest Swiss craftsmanship.' Embodying centuries of devotion and mythology, the colour-embossed Char Dham collection is more than just precious metals. These coins represent the spiritual journey, or yugas, of India, encompassing the Char Dham across the country, as espoused by the 8th-century Vedic scholar and philosopher Shri Adi Shankaracharya. MMTC-PAMP's Char Dham Collection offers an exceptional value proposition for collectors who appreciate quality craftsmanship and purity. This collection is ideal for spiritual customers looking to celebrate the auspiciousness of these pilgrimage sites for religious occasions, festivals, and ceremonial celebrations. Furthermore, investors benefit from a precious metal investment that combines cultural and historical significance with Swiss-quality manufacturing, ensuring premium collectable status and potential appreciation due to limited availability and deep thematic relevance. The Char Dham pilgrimage is considered a spiritual journey, cleansing the soul and deepening connection with the divine. The Char Dham collection by MMTC-PAMP is a tribute to this sentiment offering the purest silver with a commitment to showcase India's deep rooted cultural, civilizational values and celebrating the test of endurance and faith through these coins. Every product created by MMTC-PAMP goes through a rigorous purification process to ensure 999.9+ (99.99%+) the purity of the metal. To validate the authenticity, every MMTC-PAMP product carries a unique number and comes packaged in Assayer Certified Minted Cards. Each gold and silver product bought from MMTC-PAMP offers positive weight tolerance, which guarantees that every coin or bar one buys weighs more than the listed weight, ensuring customers receive the highest value for their investment. MMTC-PAMP products are available at their exclusive stores, leading jeweller partners, online marketplaces such as Amazon and Flipkart, or directly from MMTC-PAMP's own website, About MMTC-PAMP A joint venture between Switzerland-based bullion refinery, PAMP SA, and MMTC Ltd., a Miniratna and Government of India Undertaking. MMTC-PAMP is the only LBMA-accredited gold & silver good delivery refiner in India and is accepted across global commodity exchanges and central banks. The company seamlessly marries Swiss excellence with Indian insights. MMTC-PAMP India Pvt. Ltd. is internationally recognized as an industry leader in bringing global standards of excellence to the Indian precious metals industry. MMTC-PAMP has received several awards since its inception from local and global industry bodies for Refining, Brand and Sustainability. Notably, MMTC-PAMP is Indias First Precious Metals Company to have Science-based Emissions Reduction Targets Approved by SBTI. Recognized by the Asia and India Book of Records, MMTC-PAMP is acclaimed as the country's only brand providing the purest gold and silver coins and bars with 99.99%+ purity levels and positive weight tolerance to consumers. Adding to its laurels, MMTC-PAMP was honoured as India's Most Trusted Brand of the Nation at The Brand Story- Indian Brand and Leadership Conclave & Awards, 2024.
Time of India
5 days ago
- Business
- Time of India
Sebi to review how mutual funds value gold & silver
Representative image NEW DELHI: Markets regulator Sebi is considering a review of the valuation methodology for physical gold and silver held by mutual funds through exchange-traded funds (ETFs) to ensure greater consistency and better alignment with prevailing domestic market prices. In this regard, Sebi has proposed that AMCs should use spot prices published by domestic commodity exchanges to value gold and silver, replacing the current practice of using LBMA prices, according to its consultation paper on Wednesday. It is also looking to identify a uniform domestic benchmark and make the detailed polling mechanism for spot price determination publicly available. Currently, gold held by any gold ETF scheme is required to be valued at the AM fixing price of the London Bullion Market Association in US dollars per troy ounce for gold having a fineness of 995.0 parts per thousand. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Mint
5 days ago
- Business
- Mint
Sebi proposes to standardize valuation methods of gold, silver ETFs
The Securities and Exchange Board of India (Sebi) has unveiled a consultation paper that proposes to bring sweeping changes to how physical gold and silver held by Exchange Traded Funds (ETFs) are valued. The proposal, open for public comment until 6 August, seeks to replace the current valuation system, which relies on international prices, with a simpler approach grounded in domestic market realities. Currently, mutual fund houses managing gold and silver ETFs use the London Bullion Market Association (LBMA) price in US dollars as the benchmark. This price is then converted to Indian rupees and subjected to a host of adjustments—customs duties, local taxes, and variable premiums or discounts—to reflect Indian market conditions. This multi-layered process has given asset management companies (AMCs) leeway to use different sources and frequencies for making these price adjustments, resulting in a lack of uniformity in the valuation methods. Sebi has now proposed that ETFs instead use spot prices for gold and silver published by Indian commodity exchanges like MCX. These prices are polled from a panel of domestic market participants—importers, traders, jewellers—and are meant to reflect real-time supply and demand within India. 'Presently, different asset management companies (AMC) use different sources of domestic benchmark to apply necessary premium/ discount, which leads to non-uniformity of the valuation practice for gold and silver across the MF industry. Further, in the absence of any regulatory direction, AMCs use their discretion to apply premium/ discount resulting in differences in valuation of gold/ silver," Sebi's consultation paper highlighted. There are various service providers/ index providers in India such as jeweller associations, commodities exchanges etc., which publish spot price of commodities including gold and silver under the domestic market condition, Sebi said. 'The commodity exchanges usually poll the spot prices of gold and silver on a daily basis and this price is used as reference price for physical market transactions in gold/ silver within India,' the Sebi paper highlighted. Exchange Traded Funds, or ETFs, are mutual funds that are tradeable in the stock markets just like stocks. And just like a mutual fund, they track an index, sector, commodity or asset. Surendra Mehta, national secretary at the India Bullion and Jewellers Association (IBJA), expressed reservations about Sebi's proposal. 'Commodity exchange spot polling prices of gold and silver are declared at 4.30 pm daily only once in a day. Since the gold and silver market are internationally traded commodities and this market remains open 23 hrs a day, calculating gold and silver price based on particular Indian time can lead to a huge gap between international price and domestic spot price polled by exchange," Mehta said, stressing that the ETF valuation price should be based on LBMA price only. 'Further, when the Reserve Bank of India (RBI) uses IBJA) price for issue and redemption of Sovereign Gold Bonds (SGB) and also for lending against jewellery, IBJA price can also be used for valuation purpose by ETF,' he added. (with contributions from Ram Sahgal)
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Business Standard
5 days ago
- Business
- Business Standard
Sebi proposes linking gold, silver ETFs to spot prices on domestic exchange
New Sebi proposal aims to bring consistency across AMCs by valuing gold and silver ETFs using domestic spot prices instead of LBMA-derived pricing with adjustments The Securities and Exchange Board of India (Sebi) has proposed a new methodology for valuing physical gold and silver held by exchange traded funds (ETFs), aiming to bring uniformity across schemes. The proposal suggests valuing gold and silver based on the spot prices determined by domestic exchanges, instead of the current practice of deriving valuations from London Bullion Market Association (LBMA) prices. Currently, while the valuation process begins with LBMA pricing, it is ultimately adjusted to align with domestic spot prices. 'In the absence of any regulatory direction, AMCs use their discretion to apply premium/discount, resulting in differences in the valuation of gold/silver. For example, different asset management companies (AMCs) apply premium/discount at different frequencies—on a daily basis, alternate days, monthly, etc. This leads to differential valuation of gold/silver,' Sebi said in a consultation paper issued on Wednesday. The premium or discount reflects the difference between LBMA and domestic prices. This variation in the valuation process, Sebi noted, contributes to performance differences across ETFs offered by different AMCs. Sebi said that switching to domestic spot prices, as published by commodity exchanges, would eliminate the need for subjective adjustments. 'This change may aid in doing away with subjective adjustment of the premium/discount, as these spot prices are polled from domestic participants and are reflective of the domestic demand and supply,' the regulator added. Sebi also plans to enhance transparency in the polling-based price discovery mechanism used by exchanges. The regulator has proposed making it mandatory for exchanges to publish the polling mechanism, including policies for the fair conduct of polling.
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Business Standard
5 days ago
- Business
- Business Standard
Sebi considering uniformity in valuation of gold, silver held by AMCs
Markets regulator Sebi is considering a review of the valuation methodology for physical gold and silver held by mutual funds through exchange-traded funds (ETFs) to ensure greater consistency and better alignment with prevailing domestic market prices. In this regard, Sebi has proposed that AMCs should use spot prices published by domestic commodity exchanges to value gold and silver, replacing the current practice of using LBMA prices, according to its consultation paper on Wednesday. It is also looking to identify a uniform domestic benchmark and make the detailed polling mechanism for spot price determination publicly available. Currently, gold held by any gold ETF scheme is required to be valued at the AM fixing price of the London Bullion Market Association (LBMA) in US dollars per troy ounce for gold having a fineness of 995.0 parts per thousand. Similarly, silver held by a silver ETF scheme is valued at the AM fixing price of the LBMA in US dollars per troy ounce for silver having a fineness of 999.0 parts per thousand. While the physical gold and silver held by gold and silver ETFs are valued based on the LBMA price after necessary conversions, the Exchange Traded Commodity Derivatives (ETCDs) on gold and silver held by mutual fund schemes are valued using the closing price of futures on the respective domestic commodity exchanges. This variation in valuation methods for the same underlying asset has highlighted the need for standardization. Accordingly, Sebi, in its consultation paper, "proposed that instead of using LBMA price as a starting point for valuation, it may be mandated that AMCs directly use the spot prices published by the domestic commodity exchanges to value the gold and silver," Sebi said. This will aid in the reduction of duplication of efforts and also represent the market prices of gold and silver as per the domestic demand and supply scenarios, it added. The move is expected to simplify the valuation process, which currently involves using LBMA prices in USD, converting them into INR, adding customs duties, and making adjustments for domestic demand or supply through notional premiums or discounts. Additionally, Sebi is looking to identify a domestic benchmark that should be adopted uniformly across the mutual fund industry for gold and silver valuation. At present, there are multiple sources of domestic spot prices such as commodity exchanges, jeweller associations, and index providers, leading to further inconsistency. Additionally, Sebi has also proposed that the detailed polling mechanism used by domestic regulated entities for determining spot prices -- including the methodology and policies ensuring fair conduct -- be made public. Currently, spot prices are derived through polling from participants in the physical market such as traders and importers, with exchanges applying statistical methods to calculate the final price. "The proposed change is expected to bring uniformity in the valuation process of gold and silver throughout the mutual fund industry for investments made by the gold and silver ETFs and more closely align their valuation with domestic prices of gold and silver," Sebi said. The Securities and Exchange Board of India (Sebi) has sought public comments till August 6 on the proposals.
