The National Stock Exchange (NSE) aims to convert 200 to 300 tonne of gold into Electronic Gold Receipts (EGRs) over the next 12 months, according to Sriram Krishnan, Chief Business Development Officer at the NSE. The targeted volume represents more than a third of India’s total annual gold imports.
Following the launch of the EGR ecosystem in May, the exchange is urging citizens to shift from physical purchases to digital. Krishnan noted that the platform now has sufficient suppliers actively creating the receipts.
“It is an interesting, intrinsic change that we are trying to bring about here of getting people to think about buying digital regulated gold, which is what NSE EGR is, rather than physical gold,” he said.
The digital receipts are currently available in two liquidity denominations: 100 milligrams and one gram. Investors can trade these instruments through their brokers or directly on participating broker applications, functioning similarly to buying and selling shares.
A central objective of the product is to reduce the country’s import burden and eventually position India as a global price setter in the bullion market. So far, the supply has been generated without relying on overseas purchases.
“Whatever EGR has been created till now has been created entirely with domestic recycled gold,” Krishnan said. “Not a single rupee has been spent on importing gold for the purpose of EGR creation.”
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NSE targets 300 tonnes of digital gold, aims to cut India’s import dependence
While new gold purchases are expected to drive initial momentum, the exchange anticipates that individuals will also begin depositing their existing holdings. With an estimated 30,000 tonne of gold held in Indian households, the NSE is targeting a 1% conversion rate to meet its 200 to 300-tonne objective.
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