Prime Minister Narendra Modi today announced the launch of the first-ever Indian bullion exchange- The India International Bullion Exchange (IIBX) in Surat

 Prime Minister Narendra Modi today announced the launch of the first-ever Indian bullion exchange- The India International Bullion Exchange (IIBX) in Surat. 

A step towards the financialization of Gold in India, this launch aims to create a regional bullion hub that will allow more import of the precious metal and will pave a global gateway. It will allow qualified jewelers to import bullion and carry out transactions of the same on the exchange. 

MMTC-PAMP is one of the 64 organizations that have registered themselves with the IIBX. I would like to share a quote on behalf of The CEO and MD of MMTC-PAMP, Mr. Vikas Singh. Attaching his picture for your reference. 

"The launch of India’s first bullion exchange —the India International Bullion Exchange (IIBX) is a significant step towards financialization of Gold in India. This is a truly revolutionary initiative as it will bring fundamental changes in the operation of gold markets in India, and it will act as a gateway to the world. The government announced this initiative in the 2020 budget speech, and as this day comes to fruition, the IIBX will allow the margins to shift towards the end-user and remove a lot of erstwhile lacunae. 

The introduction of IIBX provides a trading platform to various certified participants and additionally offers advantages of price discovery, guaranteed centralized clearing, and quality assurance. The government has also created a mandate for responsible sourcing of Gold to avoid sourcing gold from conflict-ridden areas. Bringing greater transparency in pricing, this step is most welcome as it will remove any margin of error or scope of price-rigging. We welcome this step by the government and extend our full support in this initiative.", said Vikas Singh, MD & CEO, MMTC-PAMP.”