Prime Minister Narendra Modi will inaugurate India’s first international bullion exchange in his home state of Gujarat on Friday. The India International Bullion Exchange (IIBX) will be based at the Gujarat International Finance Tec-City (GIFTEC), a planned business district in the western state located between Gandhinagar, the state capital, and Ahmedabad, the state’s largest city.
The first global bullion exchange in the country:
(1.) According to an International Financial Services Centers Authority statement, the IIBX will facilitate “efficient” price discovery while ensuring responsible sourcing and quality, in addition to accelerating the financialization of gold in India (IFSCA).
(2) The bullion exchange will be run by the India International Bullion Holding IFSC (International Financial Services Centre) Limited (IIBH), a joint venture of the Central Depository Services Limited, the National Securities Depository Limited (NSDL), the Multi Commodity Exchange of India Limited (MCX), the India INX International Exchange Limited (India INX), and the National Stock Exchange of India Limited (NSE).
(3) The India International Bullion Exchange, comprised of the Bullion Exchange and the Bullion Clearing Corporation, was established by the IIBH.
(4.) According to a Livemint report, the products and technology offered by IIBX will be diverse and far more affordable than those offered by Indian exchanges as well as global exchanges in Hong Kong, Singapore, Dubai, London, and New York.
(5.) According to another report, the exchange will have three vaults, one each from Sequel Global (ready and approved) and Brinks India (ready but final approval pending). The third one is still being built.