India’s first bullion exchange IIBX launched! 🪙🪙
Honourable Prime Minister Narendra Modi launched India’s first bullion exchange (IIBX) at Gujarat International Finance Tec-City (GIFT City) in Gandhinagar.
“IIBX will facilitate efficient price discovery and ensure standardisation, quality assurance and sourcing integrity in addition to providing impetus to the financialization of gold in India,” says IFSCA.
A bullion market is a market through which buyers and sellers trade gold and silver.
Trading for bullion is conducted on an OTC market, open 24 hours a day, that transacts gold and silver at market spot prices. The key market drivers for the pricing of gold and silver are their industrial applications. Gold and silver exchanged on the bullion market can be used as a safe-haven investment or as a hedge against inflation.
Some expected advantages of the introduction of IIBX are:
✅Introduction of IIBX will facilitate the transition of the Indian bullion market towards a more organised structure.
✅IIBX would provide an alternative channel to import gold and silver for qualified jewellers and other registered entities.
✅With the launch of IIBX, India is expected to have a better price negotiation strength.
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