Home / Business and Economy / The 'Cadbury' Code: Mumbai's Opaque Gold Trade
The 'Cadbury' Code: Mumbai's Opaque Gold Trade
2 Apr
Summary
- India's gold market operates on opaque trade routes.
- Hundreds of tonnes of gold and silver traded, hampering price discovery.
- A 1kg gold bar is colloquially known as 'Cadbury' in Zaveri Bazaar.
For over two centuries, Zaveri Bazaar in South Mumbai has been the epicenter of India's precious metals trade. This historic market, however, operates on a decades-old consignment route for gold imports, fostering an opaque and closed trading environment. Hundreds of tonnes of gold and silver are transacted here, significantly hampering effective price discovery.
Within the bustling, congested lanes of Zaveri Bazaar, a curious nickname is frequently heard: 'Cadbury.' This term refers to a 1kg gold bar, a piece of jargon that underscores the unique culture and practices within this vital economic hub.
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