India's international bullion exchange will launch on July 29th
(Kitco News) - Indian Prime Minister Narendra Modi will kick start the nation's first international bullion exchange (IIBX) at Gujarat International Finance Tec-City (GIFT City) on Friday. India is the second largest consumer of the yellow metal so it makes sense to have an exchange that ensures integrity and quality as well as fair trade.
He will also lay the foundation of the unified regulator International Financial Services Centres Authority's headquarters building. GIFT City is India's maiden International Financial Services Centre (IFSC). This has been an objective of the Modi administration for a long time and it now seems like the government is ready to take the relevant step forward.
A statement said "This shall empower India to gain its rightful place in the global bullion market and serve the global value chain with integrity and quality. This also re-enforces the commitment of the Government of India towards enabling India to be able to influence global bullion prices as a principal consumer,"
Also, the prime minister will launch NSE IFSC-SGX Connect. Under this system, all orders on Nifty derivatives placed by members of Singapore Exchange Limited (SGX) will be routed to and matched on the NSE-IFSC order matching and trading platform.
Some 56 qualified jewellers have already been onboarded to the exchange which is said to have three vaults.