iibx: the launch of the iibx is postponed again | Ahmedabad News

Ahmedabad: The launch of the first international bullion exchange in India has been postponed for the second time. According to well-placed sources, the India International Bullion Exchange (IIBX), which was to be operational from Monday January 17, will now be operational in the first week of February.
Earlier, the Prime Minister was expected to inaugurate it alongside the Vibrant Gujarat Global Summit (VGGS) 2022 and it was expected to be operational a week later. However, with operations limited in other exchanges due to the rapid spike in Covid-19 cases, the launch was postponed.
“IIBX is now scheduled to launch on February 7th. Other exchanges are not functioning properly due to a sudden spike in Covid cases across the country. As a result, the launch and operationalization of the exchange has been postponed,” a source familiar with the development said.
This is the second time the launch of IIBX has been postponed. Previously, it was supposed to be operational in October. However, due to some technical constraints, it had to be postponed, according to well-placed sources.
According to industry experts, IIBX would become a gateway for bullion imports into India, where all bullion imports for domestic consumption would be channeled through the exchange.
The India International Bullion Holding IFSC Limited (IIBH) – a holding company was specifically established to set up and operationalize IIBX, the bullion clearing house as well as the bullion custodian.
Measures to notify bullion spot trading and bullion certificates of deposit with underlying bullion as financial products and bullion-related services as financial services, have already been initiated by the Ministry of Finance of the Union, with the aim of facilitating the proper functioning of the exchange.
Gold industry players suggest that the establishment of IIBX will go a long way in creating a parallel channel for trading gold on an international platform. This will put India and Gujarat on the global gold trading map according to jewelers and bullion dealers.

About Mike Stevenson

Check Also

Kipco acquires Qurain Petrochemical Industries to strengthen its financial position

RIYADH: Saudi Arabia’s Saline Water Conversion Corp. will open six desalination plants by 2024 in …