PM Modi inaugurates India's first international gold exchange in Gujarat

PM Modi inaugurates India's first international gold exchange in Gujarat

Prime Minister Narendra Modi will inaugurate several projects during his two-day visit to Gujarat starting July 28, including the country's first international bullion exchange.

IFSC said the exchange will not only promote financialization of gold in India but also help find efficient prices with assurance of responsible sourcing and quality.

The Prime Minister will also lay the foundation stone for the headquarters building of the International Financial Services Centers Authority.

It offers a wide range of products and technical services at prices the exchange claims are more competitive than Indian exchanges and other global exchanges in Hong Kong, Singapore, Dubai, London, and New York.

India International Bullion Exchange IFSC Limited (IIPX) is promoted by five market institutional investors namely CDSL, India INX, NSDL, NSE, and MCX.

Gujarat Chief Minister Bhupendra Patel, Union Home and Cooperatives Minister Amit Shah, Union Finance and Corporate Affairs Minister Nirmala Sitharaman, Union Finance Ministers Pankaj Chaudhary, and Bhagwat Kishanrao Karad will attend the event.

The global gold trade wants to create a regional bullion hub that would allow more gem dealers to import precious metal. The India International Bullion Exchange should attract dealers, processing plants, and unfamiliar banks, IIBX Chief Executive Officer (CEO) Ashok Gautam told Bloomberg at a meeting this week.

The bourse will allow qualified jewelers to import gold directly, a change from the current rules where only certain banks and designated agencies authorized by the central bank can do so.

As of Tuesday, 64 major jewelers had more applications in the pipeline, Gautham told Bloomberg. Trades are exempt from local duties unless they move goods outside the city.

Apart from qualified jewelers, foreign gold suppliers following OECD guidelines, public and private companies, and non-resident individuals (NRIs) are eligible to become members of IIBX.

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