PM Narendra Modi to Launch India's first International Bullion Exchange operations in the GIFT

Prime Minister Narendra Modi will launch India's First International Bullion Exchange (IIBX) in the GIFT (Gujarat International Finance Tec-City) city,Gandhinagar on Friday. IIBX is the India's first International Bullion Exchange which was set up at GIFT City, Gandhinagar. It offers various diversified range of products and technology services portfolio at a competitive cost in which exchange claims is far better when compared to Indian exchanges and other global exchanges in Singapore,Hong Kong, London,Dubai and Newyork.

IIBX  @ GIFT City

IIBX is promoted by five market institutional investors i.e CDSLMCX,NSDL, India INX and NSE. This exchange will facilitate efficient price discovery with assured sourcing and quality features apart from giving momentum to the gold financialization in India.

The main aim of this global gold exchange is to create a regional bullion hub which allows more jewelers to import this metal.It is expected that IIBX will attract dealers, foreign banks and refineries in a big way. As of today 64 big jewelers have come onboard and several more applications are under pipeline. There will be local duty exemption unless goods are moved out of city.

Initially Gold 1kg 995 purity and Gold 100gm 999 purity with a T+0 (100% profit margin)  settlement are expected to trade in the bullion form of bullion depository receipts.at IIBX. In IIBX major contracts are listed, traded and settled in US Dollars currency. 

IIBX is also providing vault service to the companies which means The Bullion traded and exchange are stored at any place. Vaults in IFSC are approved by International Finance Services Centers Authority (IFSCA). IFSCA is the regulator of IIBX. To become eligible members of the IIBX qualified jewelers, foreign bullion suppliers, public and private firms and Non resident individuals (NRIs) need to follow OECD guidelines