Prime Minister Narendra Modi on Friday launched the India International Bullion Exchange (IIBX), India’s first International Bullion Exchange, and NSE IFSC-SGX Connect at Gandhinagar’s GIFT city, an international financial services hub set up by the Gujarat government outside the State capital.
India is the world’s second biggest consumer of gold and the move to set up the IIBX is seen as India’s effort to bring transparency to the market for the precious metal.
Moreover, setting up of IIBX could lead to standard gold pricing in the country and make it easier for small bullion dealers and jewellers to trade in the precious metal.
