Modi says IIBX to make India an influencer of the global bullion prices
The Prime Minister Narendra Modi said that India’s identity should not be limited to just a big bullion market but it should be recognised as a ‘market maker’.
“We need institutions that can cater to our present and enhanced future role in the global economy.
“IIBX is a crucial step in this direction,” the Prime Minister stressed at the launched India International Bullion Exchange (IIBX), India’s first International Bullion Exchange in GIFT-IFSC, on 30 July 2022.
Established with the vision of making India an influencer of the global bullion prices, the IIBX will facilitate efficient price discovery and ensure standardisation, quality assurance and sourcing integrity in addition to providing impetus to financialisation of gold in India.
Modi said, “This initiative shall empower India to gain its rightful place in global bullion market and serve the global value chain with integrity and quality.
“This also reinforces commitment of the Government towards enabling India to influence global gold prices as one of its principal consumer.”
Only the 3rd exchange of its kind in the world, IIBX, with its technology-driven solutions, will facilitate transition of Indian bullion market towards a more organised structure by granting Qualified Jewellers a direct access to import gold directly through the exchange mechanism, the Finance Ministry said. fiinews.com
