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Refinery of Kundan Care Products Limited empanelled with MCX for delivery of gold

February 06, 2021 23:30 IST | ANI Press Release
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Kundan Gold Bars

New Delhi [India], February 6 (ANI/NewsVoir): Kundan Care Products Ltd, one of India's largest gold refiners, today proudly announced its empanelment under Multi Commodity Exchange (MCX) for acceptance of MCX Good Delivery Norms for BIS Standard Gold at their platform.

Accordingly, the Gold Bars refined at our Refinery, shall henceforth also be accepted with those of International repute brands for delivery at MCX in the Gold Mini (100 g) contracts. The demand for inclusion of Indian Produced Bars was long pending even though reputed Indian refineries were meeting the International Standards in their products. This is the right step to recognize Indian products by MCX.

"I am delighted that our refinery has been empaneled by the MCX for the delivery of Gold on its platform. This step of MCX in the direction of 'Atmanirbhar Bharat', is a boost to Indian Refineries which are producing products of International Standards. Further, this will build a confidence in the Indians towards Indian produced gold bars. We remain committed to continuing to strive for higher and higher quality standards," said Vidit Garg, Director, Kundan Group.

As per Garg, this step taken by the MCX is a crucial step for the refiners that operate in the Indian refined gold bullion industry.

"This move will facilitate the expansion of organized bullion trade in the country and enhance transparency. It is expected to further integrate exchange ecosystems with domestic physical industry," said Shivanshu Mehta, Head-Bullion, MCX.

As per Mehta, the specific facilities of refiners have been chosen after strict financial and technical audits, and more may be added to this list soon.

Currently, gold bars approved only by the London Bullion Market Association are deliverable on the exchange. But this move will allow the domestic refiners to trade and deliver Gold on the exchange based on BIS standards. In the beginning, approval of gold bars would start in 100 grams gold derivative contracts.

The Kundan Refinery is India's finest gold refinery that has made its name by offering high standard gold in the Indian Market.

Kundan has grown into one of the nation's leading manufacturing and exporting companies of the 21st Century with a turnover of two billion USD.

In recognition of the company's multi-business portfolio that encompasses a wide range of businesses - from gold, precious metals, gold refinery, cosmetics to chemicals, agro commodities, polymers, petro product and the import of bullion and pharmaceutical items has added to its versatile dynamism. Kundan has been awarded by the Government of India as a recognized 'Four Star Export House', a nominated agency, also ISO 9001-2008 certified.

It is a most treasured business unit of "Kundan". For 20 years, Kundan has marked its presence in precious metals and continuously progressing for the tremendous achievements. Kundan Care Products Limited established one of the largest Gold and Silver refinery in India known as 'Kundan Gold Refinery' well equipped with breakthrough technologies, state-of-the-art labs and highest quality standards. Kundan Gold refinery is acknowledged as a major importer of Gold and Silver. It is well known as the largest private gold refinery in India.

Award from India International Gold Convention (IIGC)

1. "Promising Bullion Refinery & Promising Non-PSU Nominated Agency" for the year 2016.

2. "Promising Gold Refiner of the Year and Promising Non-Govt Nominated Agency" for the year 2017

3. "Best Refiner of the Year and Leading Bullion seller of the year" for the year 2018

4. "Best Refiner in Private Sector of the year and Leading Bullion seller of the year" for the year 2019

Award from Indian Bullion Jeweler Association (IBJA) as "Best Bullion Trader in Gold" for the year 2019.

This story is provided by NewsVoir. ANI will not be responsible in any way for the content of this article. (ANI/NewsVoir)

DISCLAIMER


(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

 

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Refinery of Kundan Care Products Limited empanelled with MCX for delivery of gold

New Delhi [India], February 6 (ANI/NewsVoir): Kundan Care Products Ltd, one of India's largest gold refiners, today proudly announced its empanelment under Multi Commodity Exchange (MCX) for acceptance of MCX Good Delivery Norms for BIS Standard Gold at their platform.

Accordingly, the Gold Bars refined at our Refinery, shall henceforth also be accepted with those of International repute brands for delivery at MCX in the Gold Mini (100 g) contracts. The demand for inclusion of Indian Produced Bars was long pending even though reputed Indian refineries were meeting the International Standards in their products. This is the right step to recognize Indian products by MCX.

"I am delighted that our refinery has been empaneled by the MCX for the delivery of Gold on its platform. This step of MCX in the direction of 'Atmanirbhar Bharat', is a boost to Indian Refineries which are producing products of International Standards. Further, this will build a confidence in the Indians towards Indian produced gold bars. We remain committed to continuing to strive for higher and higher quality standards," said Vidit Garg, Director, Kundan Group.

As per Garg, this step taken by the MCX is a crucial step for the refiners that operate in the Indian refined gold bullion industry.

"This move will facilitate the expansion of organized bullion trade in the country and enhance transparency. It is expected to further integrate exchange ecosystems with domestic physical industry," said Shivanshu Mehta, Head-Bullion, MCX.

As per Mehta, the specific facilities of refiners have been chosen after strict financial and technical audits, and more may be added to this list soon.

Currently, gold bars approved only by the London Bullion Market Association are deliverable on the exchange. But this move will allow the domestic refiners to trade and deliver Gold on the exchange based on BIS standards. In the beginning, approval of gold bars would start in 100 grams gold derivative contracts.

The Kundan Refinery is India's finest gold refinery that has made its name by offering high standard gold in the Indian Market.

Kundan has grown into one of the nation's leading manufacturing and exporting companies of the 21st Century with a turnover of two billion USD.

In recognition of the company's multi-business portfolio that encompasses a wide range of businesses - from gold, precious metals, gold refinery, cosmetics to chemicals, agro commodities, polymers, petro product and the import of bullion and pharmaceutical items has added to its versatile dynamism. Kundan has been awarded by the Government of India as a recognized 'Four Star Export House', a nominated agency, also ISO 9001-2008 certified.

It is a most treasured business unit of "Kundan". For 20 years, Kundan has marked its presence in precious metals and continuously progressing for the tremendous achievements. Kundan Care Products Limited established one of the largest Gold and Silver refinery in India known as 'Kundan Gold Refinery' well equipped with breakthrough technologies, state-of-the-art labs and highest quality standards. Kundan Gold refinery is acknowledged as a major importer of Gold and Silver. It is well known as the largest private gold refinery in India.

Award from India International Gold Convention (IIGC)

1. "Promising Bullion Refinery & Promising Non-PSU Nominated Agency" for the year 2016.

2. "Promising Gold Refiner of the Year and Promising Non-Govt Nominated Agency" for the year 2017

3. "Best Refiner of the Year and Leading Bullion seller of the year" for the year 2018

4. "Best Refiner in Private Sector of the year and Leading Bullion seller of the year" for the year 2019

Award from Indian Bullion Jeweler Association (IBJA) as "Best Bullion Trader in Gold" for the year 2019.

This story is provided by NewsVoir. ANI will not be responsible in any way for the content of this article. (ANI/NewsVoir)

DISCLAIMER


(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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