Page 14 - Bullion World Volume 4 Issue 10 October 2024

P. 14

for Global Bullion Market

Mr Ashok Gautam
Managing Director & Chief Executive Officer,
India International Bullion Exchange IFSC Ltd.

India International Bullion Exchange IFSC Ltd. (IIBX) established
in GIFT City and regulated by International Financial Services
Centres Authority (IFSCA) is India’s first International Bullion
Exchange. Since its launch, IIBX has made rapid strides towards
creating a world class transparent trading platform to enable
importers in India to import bullion supplied by global suppliers.

Gold in India is imported both as fine Gold bars as well as Doré
Gold. In India gold import ranges from 700 to 800 tonnes. Silver
import numbers vary between 4000 to 8000 tonnes a year. Mr Ashok Gautam

IIBX adheres to OECD Due Diligence Guidance for tonnes. IIBX has also seen total 1146.3 tonnes of Silver
Responsible Supply chain of Minerals from Conflict trading since launch of Silver contracts in December
Affected and High-Risk Areas for establishing supply 2023.
chain integrity.
Recently, domestic entities having exposure to
Through various policy level initiatives, Qualified gold and silver price risk have also been permitted
Jewellers and Valid Tariff Rate Quota holders are to hedge the price risk in US Dollar terms through
permitted to import bullion in India through IIBX. The International Financial Services Centre (IFSC) entities.
entities onboarded on IIBX as Qualified Suppliers are IIBX established in IFSC is placed at an advantageous
permitted to supply and sell bullion through its platform. position by having almost 500 domestic entities
onboarded on Buy side. With the recent launch of
On IIBX, bullion is traded in the form of units of ‘Bullion Gold Futures and soon to be launched Silver Futures
Depository Receipts’ (BDRs), which are securities with contracts, IIBX is well poised to service the need of
the underlying being the physical bullion warehoused in domestic trade for their hedging requirements.
the Vaults set up in the GIFT IFSC and J Matadee FTWZ
at Chennai. The BDRs are dematerialized with the India IIBX is well on its way to fulfil the vision of becoming
International Depository IFSC Limited (IIDI). the price influencer of Gold in the market by providing a
robust transparent, democratic, easy to trade platform
IIBX has been credited with number of global first enabling import of bullion in India and providing hedging
initiatives including every 30 minutes settlement of BDRs products along with other financial products around
and 3 times a day Funds settlement. bullion.

IIBX has seen robust growth in the Gold trading. After Please reach out to us through www.iibx.co.in to know
reaching 8.3 tonnes of Gold trading till 31st March more about IIBX.
2024, IIBX has seen trades of 9.7 tonnes in April to June
quarter and followed up with increase to trades of 25.4
tonnes in July to September quarter of this Financial
Year, thereby taking the total gold traded number to 43.5

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