The country’s first India International Bullion Exchange (IIBX) was inaugurated on July 29, 2022 at Gujarat International Finance Tec-City (GIFT City) near Gandhinagar, Gujarat by prime minister Narendra Modi. The IIBX project was first announced in the 2020-21 budget. GIFT city is India’s maiden International Financial Services Centre (IFSC).
IIBX will facilitate efficient price discovery while assuring responsible sourcing and quality. It will also give a great impetus to the financialisation of gold in India.
The bullion exchange will allow jewellers to both trade and set infrastructure to store gold in bars, coins and ingots. This move shall empower India to make a mark in the global bullion market. This will also enable India to be able to influence global bullion prices as a principal consumer.
India International Bullion Holding (IIBH) has been created for setting up and operationalising IIBX, Bullion Clearing Corporation and Bullion Depository in IFSC, GIFT City. IIBH is a join collaboration between Central Depository Services Limited, National Securities Depository Limited (NSDL), Multi Commodity Exchange of India Limited (MCX), India INX International Exchange Limited (India INX), and National Stock Exchange of India Limited (NSE).
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