Prime Minister Narendra Modi on Friday launched India's first international bullion exchange - India International Bullion Exchange (IIBX)- in Gujarat. The bullion exchange was launched at the International Financial Services Centre (IFSC) at Gujarat International Finance Tec-City (GIFT City) in Gandhinagar.
According to a statement by the IFSCA, the IIBX “will facilitate efficient price discovery and ensure standardisation, quality assurance and sourcing integrity in addition to providing impetus to the financialisation of gold in India".
The initiative will empower the country to gain its rightful place in the gold bullion market and serve the global value chain with integrity and quality, the statement said.
IIBX is the third exchange of its kind in the globe and will facilitate the transition of the Indian bullion market towards a more organised structure by granting qualified jewellers direct access to import gold directly through the exchange mechanism.
During the event on Friday, Prime Minister Modi said that India's identity should not be limited to just a big bullion market but should be recognised as a ‘market maker’.
“We need institutions that can cater to our present and enhanced future role in the global economy. IIBX is a crucial step in this direction," Modi added, according to the IFSCA statement.
{{/usCountry}}“We need institutions that can cater to our present and enhanced future role in the global economy. IIBX is a crucial step in this direction," Modi added, according to the IFSCA statement.
{{/usCountry}}Modi also laid the foundation stone of the IFSCA's headquarters building in Gandhinagar and launched the NSE IFSC-SGX Connect.
Union finance minister Nirmala Sitharaman and Gujarat chief minister Bhupendra Patel were also present at the event.