Bullion exchange to open at GIFT City in January

Ahmedabad: An international bullion exchange is set to start operations at the GIFT City, Gandhinagar, in January. Sources privy to the developments said the launch may now take place around the time of the Vibrant Global Gujarat Summit (VGGS) which will be held at Mahatma Mandir in Gandhinagar, from January 10 to 12.

“It is expected that the inauguration of the international bullion exchange will coincide with the Vibrant Gujarat Global Summit. Trial runs have already been carried out and every thing necessary is in place,” said a well-placed source.

India International Bullion Holding IFSC Limited (IIBH), a holding company, has been created to set up and operationalize the international bullion exchange, bullion clearing corporation and depository. This will be set up at the International Financial Services Centre (IFSC) in GIFT City.

“The candidate for the post of managing director of IIBH has been finalised. Final approval is pending with the IFSC regulator. The bullion exchange is expected go live around VGGS 2022,” said another source.

IIBH was formed after a memorandum of understanding (MoU) was signed between National Stock Exchange of India (NSE), the Multi Commodity Exchange of India (MCX), India INX International Exchange (IFSC) (India INX), National Securities Depository (NSDL), and Central Depository Services (India) (CDSL).

Originally, the exchange was to go live on October 1. Trial runs and mock operations have been completed to ensure smooth functioning at the launch. Union finance minister, Nirmala Sitharaman, on her recent maiden visit to GIFT City, also visited the bullion exchange.

“The bullion exchange will be a game changer for India. We consume a lot of gold and every gram we consume is imported. To have an exchange in India and be able to determine the price, being one of the leading buyers in the global gold market, will be an important milestone,” she had told the media.