IIBX at GIFT City: A potential gold standard for the bullion trade

IIBX has the potential to ease the hassle involved in importing precious metals

The inauguration of the India International Bullion Exchange (IIBX) at GIFT City three days ago plugs a gap in India’s financial infrastructure, especially as it pertains to bullion. If the regulatory fine print is thought through carefully and well-drafted, this could ease the hassle involved in importing precious metals, either for investment or as inventory for the jewellery trade.

India is one of the largest gold importers in the world, second in the list behind China. Gold is regularly the second largest item on India’s import list (behind fossil fuels) with anywhere in the range of 600-900 tonnes imported