Explained: How will India's International Bullion Exchange (IIBX) work

India's International Bullion Exchange (IIBX) will be open for jewellers with a net worth of Rs 25 crore and above to participate

Prime Minister Narendra Modi will on Friday launch India's first bullion exchange, India International Bullion Exchange (IIBX), in GIFT city in Gujarat. The exchange, which was announced in Budget 2020, will sell physical gold and silver. According to a report by the Indian Express, infrastructural arrangements to store these precious metals have already been made.

"For the first time in India, since the liberalisation of gold imports through nominated banks and agencies in the 1990s, the eligible qualified jewellers in India, as notified by International Financial Services Centres Authority (IFSCA), have been allowed to directly import gold through IIBX.