Finally, after repeated delays, India International Bullion Exchange (IIBX) will be opened on July 15 at GIFT-International Financial Services Centre (GIFT-IFSC) in Gandhinagar. This will be the first such exchange in the country. According to sources, necessary approvals from the International Financial Services Centres Authority (IFSCA) are expected soon. Prime Minister Narendra Modi himself will inaugurate the exchange.
Once fully operational, this will be one of the most important means to import gold for Indian traders. This will ensure that gold prices meet international standards and provide a major boost to the market. Currently, 58 jewelers have been registered at IIBX. Before registration, all businesses are gauged and approved.
In August 2021, the IIBX had its trial run and it was announced that the exchange would be operational by October 2021. However, this got delayed due to technical issues. Later, it was said that the exchange would be opened in January 2022, but that didn’t happen either. Nevertheless, sources believe that the exchange would definitely be operational from July 15.