Business Standard

First global gold exchange in India aims to create regional bullion hub

The India International Bullion Exchange is expected to attract dealers, refineries and foreign banks, Chief Executive Officer Ashok Gautam said

Photo: Unsplash/Jingming Pan
Premium

Gold is traditionally favored by Indians as a store of value, and buying and gifting of jewelry is seen as auspicious, especially during festivals and weddings. (Photo: Unsplash)

Ranjeetha Pakiam, Swansy Afonso | Bloomberg
India’s first global gold exchange aims to create a regional bullion hub that will allow more jewelers to import the precious metal.
 
The India International Bullion Exchange is expected to attract dealers, refineries and foreign banks, Chief Executive Officer Ashok Gautam said in an interview this week. The spot exchange -- based in western India’s Gujarat International Finance Tec-City -- will be launched Friday by Prime Minister Narendra Modi, and trade will be in the form of bullion depository receipts.  

The bourse will allow qualified jewelers to directly import gold, a change from current rules where only some banks and

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Jul 29 2022 | 7:20 AM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com