Gandhinagar: The India International Bullion Exchange (IIBX) here at GIFT-IFSC is gearing up to commence silver trading on December 12, a source told the media.

Looking ahead, the exchange plans to introduce trading in future contracts for both gold and silver. Currently, approximately 102 qualified jewellers, authorised to purchase both silver and gold, have been onboarded on the exchange. Additionally, 22 qualified suppliers have joined the platform.

The DGFT had issued a notification in October amending the import policy for silver, allowing qualified jewellers approved by the International Financial Services Centre Authority (IFSCA) to import silver through IIBX. This amendment broadens the avenues for importing silver beyond agencies nominated by the Reserve Bank of India and DGFT.

Previously, only nominated banks had the authority to import silver, but now, IIBX has gained this capability. Onboarded jewellers can directly purchase silver through the exchange.

In 2022, India imported around 8,691 metric tonnes (MT) of silver. The IIBX is equipped with a vault capable of holding 4,500 metric tonnes (MT) of silver.

Another source mentioned, “The exchange is fully equipped and technologically ready to handle silver trading. Once all other necessary approvals are in place, trading in silver on IIBX will begin soon.” DeshGujarat