The Hindu Business Line : NCDEX to brand Gujarat cotton as Gold Circle

Ahmedabad, Sept. 27 National Commodity and Derivatives Exchange Ltd plans to brand the cotton produced in Gujarat as Gold Circle to obtain the right price for it in the international market, said Mr Unupom Kausik, Chief Business Officer, NCDEX.

Of the 3.5 crore bales of cotton produced worldwide, 1.1 crore came from India last year with a contribution of around 35 per cent from Gujarat.

“Our cotton gets discounted by Rs 1,000 to Rs 1,400 in the international market as we do not have a brand like Uzbekistan and American cotton. We do not want to be saleable because we are cheap but because we can provide guarantee,” said Mr R. Ramaseshan, Managing Director and Chief Executive Officer.

He is confident of Gold Circle receiving international recognition within a year, following which other cotton produced within the country would also be brought under the brand.

Silver deliveries

Sensing the sentiments of market players, the exchange recently shifted all deliveries of silver to Ahmedabad and registered around 20 tonnes in silver delivery last month. Previously, silver was delivered at both Ahmedabad and Delhi.

With India and China together accounting for 75 per cent of the global carbon business, NCDEX is bullish on this non-agricultural commodity, but certain Government measures, such as limited exposure to the international investors is restricting its expansion, he said.

The exchange is in the process of developing a software to shift its entire accounting system from the demat format as it would be efficient and save time and costs.

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NCDEX to brand Gujarat cotton as Gold Circle