Indian jewellers-gold importers get option to hedge in GIFT City
One of India’s top gold refineries, which brings in 15% to 20% of the country’s gold, has started trading Gold Futures to hedge against price volatility on India International Exchange (IFSC) Limited (India INX) https://www.indiainx.com/ .
“This shows that India INX is becoming the main place for Indian jewellers and gold importers to hedge against the risk in gold prices,” said the International Financial Services Centre (IFSC) at Gujarat International Finance Tec-City (GIFT City) https://www.giftgujarat.in/ .
The company listed to trade Gold Futures on INX was not named in the announcement on 8 May 2024.
In December 2022, the Reserve Bank of India (RBI) allowed Indian companies (except individuals) to manage their gold price https://www.goldpriceindia.com/ risk on recognized exchanges within the International Financial Services Centre (IFSC).
“This means Indian companies now have more options to hedge against volatility in gold prices https://www.goldworld.sg/ through India INX,” said the announcement.
India INX, a subsidiary of BSE Ltd, commenced its trading activities on 16 Jan 2017 and is India’s first International Exchange set up at GIFT City. Fiinews.com
