The Indian International Bullion Exchange (IIBX) will enable India to influence global bullion prices as a principal consumer, said Ashok Gautam, Manager Director and CEO, IIBX in an exclusive interview with Moneycontrol.
Prime Minister Narendra Modi will open India's first national exchange, IIBX, on July 29 at Gujarat's GIFT City (Gujarat International Finance Tec-City). The project was first announced in the 2020-21 budget.
IIBX will facilitate efficient price discovery with the assurance of responsible sourcing and quality, apart from giving impetus to the financialisation of gold in India, International Financial Services Centres Authority (IFSCA) said in a statement.
The bullion exchange allows jewellers to trade, as well as set up the necessary infrastructure to store gold in bars, ingots and coins, said Gautam.