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First global gold exchange in India aims to create regional bullion hub
By Ranjeetha Pakiam Swansy Afonso
Bloomberg News
via Business Standard, New Delhi
Friday, July 29, 2022
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.
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The bourse will allow qualified jewelers to directly import gold, a change from current rules where only some banks and nominated agencies approved by the central bank can do so. That's set to widen the importer base in the world's second-biggest consumer, where the World Gold Council expects demand will steady around 800 tons this year. ...
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