In an effort to bring transparency to the market, India, the world’s second biggest consumer of gold, launched its first International Bullion Exchange.
India imported 1,069 tons of gold in 2021, up from 430 tons a year ago. Indian households own an estimated collective 25,000 tons of gold, which passes from one generation to the next. The country has been trying to monetize these holdings to reduce imports.
The India International Bullion Exchange (IIBX) is located at Gujarat International Finance Tec-City, or GIFT City, as it is also known. IIBX, with its technology-driven solutions, will facilitate the transition of India’s bullion market toward a more organized structure by granting qualified jewelers access to import gold directly through this exchange.
In India, gold is tightly regulated, and currently only nominated banks and agencies approved by the central bank can import and sell gold.
