Why a bullion exchange can be a game changer for India's gold economy

The Union government on Monday notified the setting up of the International Bullion Exchange at the Gujarat International Finance Tec (GIFT) City near Ahmedabad and declared the International Financial Services Centres Authority (IFSCA) as the regulator for spot trading in gold and silver. The move is seen as a game changer for India’s bullion industry, and is expected to put India in a position to set its own price of gold.

All financial services required to facilitate trading, delivery, financing and vaulting have also been permitted, for which IFSCA will prepare separate regulations.

“The International Bullion Exchange will lead to