India Launches First International Bullion Exchange
NDTV
India launched its first international bullion exchange on Friday as the world's second biggest consumer of the precious metal tries to bring transparency to the market for the precious metal.
India launched its first international bullion exchange on Friday as the world's second biggest consumer of the precious metal tries to bring transparency to the market for the precious metal.
India International Bullion Exchange (IIBX), based at Gujarat International Finance Tec-City, or GIFT City in western Gujarat state, could lead to standard gold pricing in India and make it easier for small bullion dealers and jewellers to trade.
"We would have better price negotiation strength with the launch of this bullion exchange," India's Finance Minister Nirmala Sitharaman said.
Gold is tightly regulated in India and currently only nominated banks and agencies approved by the central bank can import gold and sell to dealers and jewellers.
