International Bullion Exchange Unveiled Today: Check Details

On Friday, the country unveiled the foremost international bullion exchange as the country aims to establish transparency in the Indian gold market.

India International Bullion Exchange (IIBX), based out of Gujarat International Finance Tec-City, or GIFT City (Gujarat) could enable standard pricing of gold in the country and facilitate easier trading in the yellow metal for small bullion dealers as well as jewellers.

"We would have better price negotiation strength with the launch of this bullion exchange," India's Finance Minister Nirmala Sitharaman said.

Gold is tightly regulated in India and currently only nominated banks as well as agencies given a go-ahead by the RBI are allowed to import gold into the country and sell it to jewellers and other bullion dealers.

"IIBX with its technology-driven solutions, will facilitate transition of Indian bullion market towards a more organised structure by granting qualified jewellers a direct access to import gold directly through the exchange mechanism," the exchange said in a statement.

The biggest gold consumer country China also such an exchange where all of the domestic as well as imported gold has to be traded i.e. bought and sold.

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