Page 25 - Bullion World Volume 04 Issue 07 July 2023

Bullion World | Volume 3 | Issue 7 | July 2023

Recent Developments at India

International Bullion Exchange

Mr Ashok Gautam, MD & CEO, IIBX

India International Bullion Exchange 995/UAEGD GOLD 999/ UAEGDTRQ
(IIBX) fulfills India's aspirations of GOLD 995/ UAEGDTRQ GOLD 999)
having its own International Bullion and currently has six physical spot gold
Exchange. IIBX was inaugurated by T+0 contracts operating under LBMA
the Honourable Prime Minister of India, and UAEGD (CEPA & NON CEPA).
Shri Narendra Modi on July 29th, 2022, IIBX plans to enhance its product suite,
showcasing its importance for India's including the introduction of gold metal
global presence in the bullion market. loan and/or lease products, repo of BDR
IIBX is promoted by prominent Market against US Dollars and the addition of
Infrastructure Institutions like NSE, INDIA silver imports through IIBX subject to
INX (subsidiary of BSE), NSDL, CDSL, requisite approvals.
and MCX bringing the credibility and
expertise. In a noteworthy development, GIFT City
SEZ is the first SEZ in our country where
With the advent of IIBX, Qualified ICEGATE has been implemented. This
Jewellers (QJs) in India now can directly integration enables the smooth import Mr Ashok Gautam
import bullion through the exchange. of gold in the DTA region for Qualified
QJs can import gold through IIBX Jewellers where Gold under Tariff Rate IIBX since start of every 30 minute
coming in as clients or limited purpose Quota can also be imported with due settlement process.
trading members. Leading 101 bullion concessional duty rates. Since ICEGATE
dealers and jewellers have already joined integration IIBX is seeing a renewed Now the Qualified Jewellers can take
IIBX, with many applications currently spurt and a decent quantity gold import the physical gold out the same day of
in process. Bullion is stored in IFSCA has taken place through IIBX. IIBX has the trade after completion of necessary
approved vaults at GIFT IFSC. Three extended its sincere appreciation to the customs processes.
international players Loomis, Brinks DG (Systems), CBIC, Senior DC Office
and Malca-Amit have set up vaults at GIFT SEZ, DGFT, and IFSCA for their With ICEGATE TRQ holders who are
with total capacity of 450 tons for Gold invaluable guidance and support, which Qualified Jewellers have started taking
and 4500 tons for Silver. These vaults expedited the ICEGATE implementation out Gold through IIBX using the benefits
are empaneled by India International within a remarkably short timeframe. of Tariff Rate Quota issued by DGFT.
Depository IFSC Limited (IIDI). On IIBX, This development ensures that volumes DGFT has also enabled non Qualified
bullion is traded in the form of Bullion at IIBX now are poised to increase Jewellers to change their nominated
Depository Receipts (BDRs), which manifold. agency in favour of Qualified Jewellers of
necessitates a Demat account being the IIBX in Tariff Rate Quota Certificate.
opened with IIDI wherein BDRs are Distinguishing itself on a global scale,
credited in respective Demat accounts. IIBX becomes the world's first bullion In conclusion the recent developments at
exchange to offer settlements of India International Bullion Exchange have
One of the most significant advantages Bullion Depository Receipts (BDRs) ensured that both Qualified Jewellers
offered by IIBX is the direct access every 30 minutes. This groundbreaking and Qualified Suppliers get immense
provided to global bullion banks, refiners, achievement was made possible after benefits from IIBX eco system. We are
and traders, whereby seamless bullion thorough assessments and approval sure that large number of Jewellers and
trade transactions in US Dollar are of the Exchange's operational and Bullion Dealers will get associated with
facilitated with Indian bullion buyers. technical readiness by the regulator, IIBX to get the benefits brought in by the
GIFT IFSC area also allows for duty free IFSCA. The every 30 minute settlement IIBX. The journey has just begun and
re-export of bullion for these international has been well received by the market. we are also working on new product
players. We are proud to announce that end user features and introduction of Silver at
jewellers from Srinagar in North, Kolkata IIBX soon. IIBX continues to strive hard
IIBX offers both 995 and 999 bars (Gold in East, Kozhikode in South and Surat in and relentlessly to bring value to the
995/Gold Mini 999/UAEGD GOLD West have taken delivery of Gold through Jewellers and bullion dealers.

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