The India International Bullion Exchange (IIBX) at GIFT-IFSC marked a significant milestone on Wednesday as it commenced silver trading. Within just 30 minutes of the launch, the entire available quota of 3 metric tonnes was traded, demonstrating the robust demand in the market.
The platform’s inauguration was presided over by Hasmukh Adhia, Chairman of Gift City and former Finance and Revenue Secretary of the Government of India. IIBX, located in India’s inaugural International Financial Services Centre (IFSC), is the nation’s first and only bullion exchange.
On the first day of trading, five new silver contracts were introduced, enabling qualified jewelers on the exchange to trade and hedge silver in various forms and quality standards. The bullion depository receipt was successfully cleared and deposited into the demat account of the trading participant.
Adhia expressed optimism about the future of the exchange, stating, “I hope that by the end of the next fiscal year, IIBX clocks triple-digit gold trading volumes up to 100 MT and four-digit silver trading volumes above 1,000 MT. Once the volume trading on IIBX is strong, we will move closer towards the price discovery of gold and silver.”
The first lot of trading was supplied from the UAE, with buyers hailing from Gujarat. The initial trade occurred at $23 per troy ounce for 200kg of silver grain, totaling $24.3 lakh (approximately Rs 20.26 crore) in a single-day trade. Since the exchange’s inception, at least 4 MT of gold has been imported by November 30.
The launch ceremony at IIBX in Gandhinagar was attended by K Rajaraman, Chairman of the IFSC Authority (IFSCA), Tapan Ray, MD and Group CEO of Gift City, and Jugal Kishore Mohapatra, Chairman of IIBX.
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