Page 11 - Bullion World Volume 4 Issue 10 October 2024

Bullion World | Volume 4 | Issue 10 | October 2024

gold, is likely to create a significant opportunity Volume Of Bullion Imports through
for growth in the gold market in the coming India International Bullion Exchange (IIBX)
years as a consumption and investment
product. Total Gold traded through IIBX in KG
Month 2022 2023 2024
To seize the opportunities in this promising January 1 308.2
market, various stakeholders—including bullion February 13 3573.3
banks currently observing developments in March 16 213.2
India, particularly within the GIFT Precious
Metals ecosystem—may consider shifting their April 2 0 50
focus towards India through GIFT-IFSC. By May 12 117 2990.3
engaging in the exchange-based ecosystem June 0 52.8 6727.7
or the OTC market in GIFT-IFSC, banks that July 31 206.6 5165.8
have not yet entered the Indian market can August 28 272.8 10663.7
participate in this newly established ecosystem, September 38 1230.2 9205.5
thereby promoting greater efficiency, October 154 1197.1
transparency, and improved price discovery for
gold and other precious metals. November 114 710.5
December 2 46.5

The participation of Indian banks as Sum 381 3863.5 38897.7
counterparties on IIBX could help mitigate Sum Total 43142.2
concerns regarding the risks associated
with exchange-based trading. By joining the Total Silver traded through IIBX in KG
exchange-based ecosystem, bullion banks can Month 2023 2024
not only capitalize on the market's growth but
also play a pivotal role in its development and January 158940
maturation. February 493600
March 235200
This presents a unique opportunity for April 18060
stakeholders, particularly banks engaged in May 59920
precious metals operations, to integrate into June 117320
the GIFT-IFSC ecosystem and collaborate with July 32760
Indian banks on the IIBX and the OTC market
in GIFT-IFSC, potentially reshaping the future of August 9450
the global precious metals landscape. September 60
October
November

December 21060
Sum 21060 1125310
With inputs from:
Sum Total 1146370
Mr Ramakrishnan Padmanabhan
General Manager, Department of Metals and Commodities, IFSCA
Mr Chandan Satyarth
Assistant Manager, Department of Metals and Commodities, IFSCA

11. https://www.business-standard.com/economy/news/india-to-become-third-largest-economy-by-2030-31-says-s-p-
global-124091901072_1.html
12. https://www.gold.org/goldhub/gold-focus/2024/09/indias-gold-market-update-gold-market-broadens-expansion-physical
13. https://www.businesstoday.in/latest/economy/story/what-made-rbi-move-100-tonnes-of-gold-from-uk-to-its-vaults-heres-an-
explainer-431671-2024-06-01

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