Silver trading at IIBX in Gift City: 3 MT traded within 30 mins of launch

Gandhinagar: The India International Bullion Exchange (IIBX) at GIFT-IFSC commenced silver trading on Wednesday, and within 30 minutes of the launch, the entire 3 metric tonne quota available was traded.

Hasmukh Adhia, Gift City chairman and former finance and revenue secretary of the Government of India, inaugurated silver trading on the platform. IIBX is the nation’s first and only bullion exchange situated in India’s inaugural International Financial Services Centre (IFSC).

On the first day, five new silver contracts were introduced, allowing qualified jewelers on the exchange to trade and hedge silver in various forms and quality standards. The entire targeted quota of 3 metric tonnes (MT) available in the IIBX vault was traded within 30 minutes of launch, and the bullion depository receipt was successfully cleared and deposited into the demat account of the trading participant.

Adhia expressed optimism, 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, while the buyers were 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.

During the launch ceremony at IIBX in Gandhinagar, K Rajaraman, Chairman of the IFSC Authority (IFSCA), Tapan Ray, MD and Group CEO of Gift City, and Jugal Kishore Mohapatra, Chairman of IIBX, were also in attendance. DeshGujarat