GOLD NEWS

IIBX to launch bullion vault in Chennai

Wed July 17 2024

Ahmedabad: For faster delivery of bullion to trading members in southern India, the India International Bullion Exchange (IIBX) will soon launch a new vault in the J Matadee Special Economic Zone (SEZ) in Chennai. Operated by Brinx, this facility can store 40 metric tonnes (MT) gold and 2,200 MT silver at a single location in the SEZ. The vault will enhance the efficiency of bullion transactions and delivery of gold.

The new vault’s strategic location near Chennai will provide substantial benefits to qualified jewellers who have been onboarded on the bullion exchange by drastically reducing the turnaround time for converting Bullion Depository Receipts (BDRs) into physical bullion, thus accelerating the delivery process in southern India. Ashok Gautam, managing director and CEO of IIBX, said, “The establishment of this new vault in Chennai will be a key milestone in increasing the reach of IIBX. This will help attain faster delivery of bullion to the qualified jewellers and tariff rate quota (TRQ) holders situated in the southern part of India. We are confident that this facility will encourage more jewellers and bullion traders to trade through the IIBX platform.”

IIBX plans to launch two more vaults for storing gold in SEZs in eastern and northern India. “The new vault is likely to help drive a significant increase in trading volumes at IIBX. With 130 qualified jewellers and over 250 TRQ holders already onboarded, and an additional 100 applications in the pipeline, the exchange is well-positioned to serve the bullion industry,” Gautam further added.

Source: https://timesofindia.indiatimes.com/