Gandhinagar: The International Bullion Exchange (IBX) will become functional in Gujarat International Finance Tech (GIFT) city from July 2022. This exchange will become a major entry gate for the import of gold into the country.

It will become the only source to import gold in India and to discover its price respecting all existing international benchmarks.

Citizens of India are believed to collectively hold 22,000 tonnes of gold, which the IBX will help bring into the public domain and customers will receive an appropriate price for it under a completely transparent process.

The central government had announced setting up IBX looking to the demand for gold in the country. IFSC will act as a regulator for the IBX. All big banks, gold exchange-traded funds, and government agencies such as MMTC will be given the membership of IBX.

IFSC chairman informed that currently, only 30-40 trustworthy jewellers trade on the exchange, who have all been registered beforehand. But the plans are to start full-fledged functioning from July onwards for which testing has begun a few days back.

The pilot run of the exchange was held in August 2021 and plans were to go live in October 2021 but it got delayed due to technical reasons and also because of delays in directions that were supposed to come from the RBI. DeshGujarat.