GIFT City Launched Precious Commodities Vault

SEATTLE (Scrap Monster): The country’s only International Financial Services Centre (IFSC) announced launch of precious commodities vault for storage of gold and silver. The bullion vaulting service was commenced at Gujarat International Finance Tec City (GIFT City) in Gandhinagar by Sequel Logistics.

Sequel’s vault for precious commodities will provide seamless storage and logistics solutions for both domestic and overseas market participants. The vault facility will allow access by foreign suppliers, domestic importers, banks, trading platforms, jewellery manufacturers and retailers.

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According to Sharad Jobanputra, Chairman and Managing Director, Sequel Logistics, the proximity of the vault to major manufacturing hubs will offer benefits to market players. The vaulting service also offers other benefits such as deferred customs duty payment, protection from duty fluctuations for long-term storage, duty exemption on re-export and cheaper transaction cost.

GIFT City will now become a key platform for the bullion trading ecosystem, said Tapan Ray, MD and Group CEO, GIFT City. It expects many big players in the segment to set up their base at GIFT City, taking full advantage of its world class infrastructure, he added.