“Goldsikka is coming up with the next big thing which can produce
300kg/day of gold.”
Gold mines produce rough gold, known as dore, which is typically 80
percent pure gold. This gold
dore is then sent to a refinery, where it is refined into various forms and purity levels of
London Good Delivery bars are the most commonly produced gold bars. These bars are the gold
standard of the world, according to the rules established by the London Bullion Market
Refiners approved by the LBMA must maintain excellent laboratory and
production facilities, and
these refineries on the good delivery list are actively monitored. Bullion banks typically
these bars for vaulting and storing purposes.
This refined gold is primarily purchased or financed by central banks
and/or gold banks, which
serve as the primary link between wholesale buyers, jewellers, and consumers.
Goldsikka Limited aims to establish its own gold refinery, allowing it to
refine, mint its own gold,
and reuse old jewellery to supplement domestic gold supply. As gold prices have risen and
continued to rise, Indian families have resorted to selling old jewellery at current market
Incentives for gold refining will also benefit the GMS(Gold Monetization Scheme), where
recommendations are made in the report to increase participation in the GMS.
Goldsikka’s Refineries can help address economic, health, and social
impacts, such as worker health
and safety in rural India, while also benefiting the industry. It can also increase the
stakeholders in the industry's development, such as local and indigenous communities and
Finally, it can promote sustainable practises by providing financial, technical, and
assistance to developing rural economies.
In correlation to other Indian refiners, Goldsikka's refineries plan
adopt LBMA standards in order
to meet the growing global demand for gold. Having refining capacity for both international
domestic markets is a strategy that could be adopted and encouraged so that India can play a
similar to that of Switzerland or the diamond industry.