India's First International Bullion Exchange
On 29th July 2022, India International Bullion Exchange (IIBX) was launched at Gujarat International Finance Tec-City (GIFT City) - India’s maiden International Financial Services Centre (IFSC).
Operator of the IIBX
- A holding company India International Bullion Holding IFSC will operate the International Bullion Exchange.
- It has been established by the National Stock Exchange, Multi Commodity Exchange, India INX International Exchange, National Securities Depository and Central Depository Services Ltd.
Some Criteria for Trading in IIBX
- To become a qualified jeweller, one must have a minimum net worth of Rs 25 crore and 90 per cent of the average annual turnover in the last three financial years through deals in goods categorised as precious metals.
- Apart from qualified jewellers, non-resident Indians and institutions will also be able to participate on the exchange after registering with the IFSCA.
Some other Facts
- The exchange will have three vaults – one operated by Sequel Global (ready and approved), the second one to be operated by Brinks India is ready and awaiting final approval and the third under construction.
- Once gold is imported, it will be stored at the IFSC Authority-approved vault.
- Following this, a bullion depository receipt will be made and the gold will be ready for trading.
- Being a spot exchange, all the open positions will be marked for delivery at the end of the day.
- The IIBX will be a gateway for bullion imports into India, where all bullion imports for domestic consumption shall be channelised through the exchange.
- In addition to providing a trading avenue to various participants, a bullion exchange will also offer the advantages of price discovery, transparency in disclosures, guaranteed centralised clearing and assurance of quality.
- A bullion exchange, apart from providing standardisation and transparent mechanism, will also be an important step towards financialisation of bullion-based products.
Primary Bullion Trading Platform in the World
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