The India International Bullion Exchange (IIBX) at GIFT IFSC has achieved a major milestone, with the cumulative volume of gold traded on its platform crossing 100 tonnes since inception. The achievement marks a significant step in India’s efforts to establish a transparent and efficient bullion trading ecosystem.
Calling it a collective success, IIBX acknowledged the contributions of all stakeholders and market participants and expressed gratitude to its regulator, the International Financial Services Centres Authority (IFSCA), for its continued support and guidance.
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During the financial year 2023-24, gold worth USD 505 million was traded on IIBX. The current financial year has seen a surge in trading activity, with the total gold trade value reaching USD 7.8 billion as of March 2024. According to IFSCA data, as of December 31, 2024, the exchange had 153 qualified jewellers and 33 qualified suppliers actively participating.
IIBX also acknowledged the support provided by GIFT City authorities, the Development Commissioner’s office, GIFT City SEZ, Customs officials, DG Systems Customs office, and DGFT officials. The exchange operates three vaults in GIFT City, capable of storing over 450 tonnes of gold along with significant quantities of silver.
IIBX remains committed to expanding its role in India’s bullion market. “With the continued involvement of stakeholders, market participants, and the guidance and support of IFSCA, IIBX shall continue to move ahead towards a higher growth trajectory and build a robust world-class Bullion Exchange.”
Located at GIFT IFSC, Gandhinagar, Gujarat, IIBX is regulated by IFSCA and operates as a transparent electronic trading platform to facilitate bullion trading, hedging, and the development of bullion-based financial products for both domestic and international market participants.
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The information provided in this article is for informational purposes only and reflects the views of industry experts. Before making any investment decisions, it is recommended that you consult a financial advisor. The team at Gold Price Today does not engage in personal buying, selling, or trading of gold or silver on exchanges. We are not responsible for any gains or losses incurred based on the information presented here.
