ICEGATE Integration to Boost IIBX Gold Trading

SEATTLE (Scrap Monster): The proposed integration of customs ICEGATE platform with SEZ Online will provide a big boost to gold trading activities at the India International Bullion Exchange (IIBX). The move will be of immense advantage to qualified jewellers who import the yellow metal under the Comprehensive Economic Partnership Agreement (CEPA) signed with the UAE.

The demand for gold has been on a declining trend, mainly on account of higher prices and high duties. This, coupled with lack of ICEGATE integration, led to declining gold trading volumes on the exchange. IIBX has recorded significantly lower volumes of trade since December last year. During this period, the trading volumes totalled only around 16 kg. This compares with trading volume of 114 kg in November and 274 kg in October, the exchange’s website said.

The ICEGATE integration is expected to be a big relief for jewellery exporters in the domestic tariff area (DTA). The completion of the integration process and full functioning of the portal is expected by next week. This will result in integration of routing of the gold imported into India under the agreement.