India’s Prime Minister Narendra Modi on 29 July launched India's first international bullion exchange - India International Bullion Exchange (IIBX)- in Gujarat. The bullion exchange was launched at the International Financial Services Centre (IFSC) at Gujarat International Finance Tec-City (GIFT City) in Gandhinagar.
According to a statement by the IFSCA, the IIBX “will facilitate efficient price discovery and ensure standardisation, quality assurance and sourcing integrity in addition to providing impetus to the financialisation of gold in India". The initiative will empower the country to gain its rightful place in the gold bullion market and serve the global value chain with integrity and quality.
The India International Bullion Exchange is the third exchange of its kind in the world, and will facilitate the transition of the Indian bullion market towards a more organised structure by granting qualified jewellers direct access to import gold directly through the exchange mechanism.
During the event, Prime Minister Modi said that India's identity should not be limited to just a big bullion market but should be recognised as a ‘market maker’.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
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