IIBX gold trading crosses 100 tonnes milestone at GIFT IFSC

The India International Bullion Exchange (IIBX) at GIFT IFSC, on Thursday stated that the cumulative volume of gold traded on the IIBX platform since inception has surpassed 100 tonnes. 

This year alone, the volume of gold traded on the exchange has crossed 92 tonnes. In 2023-24, it was 7928 kilograms and in 2022-23, it was 411 kilograms. “A lot of work has been undertaken. The Bullion Depository Receipts (BDR) settlement happens every 30 minutes and fund settlement happens three times a day, Apart from the three vaults in GIFT City, a new vault in Chennai also became operational this year,” Ashok Gautam, Managing Director and CEO of IIBX told business line.

IIBX has over three vaults in GIFT City, which can store over 450 tonnes of gold and larger amounts of silver. “As more and more buyers saw the benefits of transparent pricing and lower transaction cost they started coming. With fast customs clearance the same day and ICEGATE version 2.0 really speeded up clearances,” Gautam added. 

During the financial year 2023-24, USD 505 million worth of gold was traded on IIBX. This year, the value of gold traded reached USD 7.8 billion (as of March 2024). According to IFSCA, as of December 31, 2024, over 153 qualified jewellers and 33 qualified suppliers participated on the IIBX platform.

“This milestone is a collective achievement of all the stakeholders and market participants…IIBX believes that with the continued involvement of the stakeholders, market participants and the guidance and support of IFSCA, IIBX shall continue to move ahead towards a higher growth trajectory and build a robust world class Bullion Exchange,” the exchange stated in a press release. IIBX is established to provide a transparent electronic trading platform to promote bullion trading, hedging and development of Bullion financial products for domestic and international Bullion market participants, the release added.