A new spot gold exchange is set to open in India
(Kitco News) - The National Stock Exchange of India (NSE) has teamed up with the India Bullion and Jewelers Association Ltd (IBJA) to launch Domestic Bullion Spot Exchange to ensure complete transparency in the bullion transactions executed on its platform.
The prospective business framework will cater to business-to-business (B2B) parts of the gold industry and integrate the value chain participants in the bullion ecosystem.
The makeup of the project shall have participation from NSE, IBJA, and industry participants (refiners, bullion dealers, jewelers, banks, overseas suppliers, funds, FPIs, other MIIs) as per regulatory norms. IBJA and NSE are already in advanced discussions with industry participants in closing the shareholder structure.
Vikram Limaye, Managing Director, NSE said the domestic bullion spot exchange would bring in efficiency and transparency in the price discovery of bullion and offer confidence to the investors about the quality of metal being delivered through the exchange platform.
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Prithviraj Kothari, National President, IBJA said the bullion exchange was conceptualized taking into consideration the industry requirements and shall integrate transactions of bullion dealers, jewelers, retailers, and consumers on one single platform.