While the Indian derivative markets have been in existence for more than 17 years, various studies about the spillover impact of COMEX/CME prices and Indian gold derivative markets suggest that price signaling has been unidirectional from the COMEX/CME markets to the Indian markets. Back in 2015, IBJA announced its intent to set up a rule-based electronic spot trading platform for Indian retail consumers to trade gold for delivery in both dematted and physical format on the lines of spot exchanges such as Shanghai Gold Exchange. It also spurred the thought process among policy makers and stakeholders for the need to set up a platform for spot trading in gold, to revitalise the recycling industry and to enable efficient domestic price discovery. While the objectives for setting up such a physical platform is spot-on, the pillars on which such a platform can rest, and generate trust among stakeholders, such as standards, vaulting, logistics, traceability and rules and regulations governing the same, are yet to be tweaked, and are disconnected from global standards, despite the fact that India commands about 6 per cent of the global jewellery markets, amounting to an estimated $12 billion, and is world’s second largest importer. Though an attempt has been made in terms of hallmarking of jewelry from the start of the 21st century, the standards, traceability systems, dispute settlement, governance rules and regulations are yet to gain roots, and their equivalence with global standards would have to be attained to achieve its integration with global markets. Secondly, economic and trade data impacts gold supply/demand and hence, pricing would have to be made available at a high frequency like that of developed markets, to strengthen the price discovery process. Thirdly, for such markets to discover prices, there should be minimum interventions in the gold markets, especially in terms of the fiscal regime. Fourth, a road map for free convertibility of currency should be drawn up and movement towards full convertibility will enable robust foreign and institutional participation in the Indian markets, besides enabling foreign traders setting up shops in Indian shores and moving capital across borders seamlessly. Finally, the fiscal regime, both on imported gold and domestically traded gold, would have to be stabilized, so that markets can discover prices and not policy decisions. Strengthening price discovery in Indian spot markets backed by volumes and trust among the broad spectrum of participant ecosystem, through reinforcement of the above discussed pillars, are essential in price signaling the global markets, if not setting up benchmark prices for global markets.