In this article, we will discuss IIBX. So, let’s get started.
- India International Bullion Exchange (IIBX) was first announced in the Union Budget 2020 for easing the Gold Import by Jewellers in India.
- It is a platform that not only enrols jewellers to trade on the exchange, but has also set up necessary infrastructure to store physical gold and silver.
- IIBX will facilitate efficient price discovery with the assurance of responsible sourcing and quality, apart from giving impetus to the financialisation of gold in India.
- IFSCA is entrusted with notifying the eligible qualified jewellers in India for directly importing gold through IIBX.