SEATTLE (Scrap Monster): The launch of India’s first international bullion exchange has been postponed again. This is the second time the launch of the India International Bullion Exchange (IIBX) has been postponed. The exchange, which was scheduled to go into operations from January 17th, 2022, will now come operational only in the first week of February.
The IIBX was scheduled to be inaugurated by the Prime Minister during the recently held Vibrant Gujarat Global Summit 2022, with operations expected to begin a week later. However, the rapid surge in Covid-19 cases has resulted in limited operations in other exchanges, which in turn has resulted in postponement of operations at IIBX, according to sources.
The exchange was initially expected to become operational in October last year, but it was postponed due to certain technical constraints.
The proposed exchange would turn out to become a gateway for bullion imports into India. The IIBX will help channelize all bullion imports intended for domestic consumption. It is expected to build a parallel channel for gold trading on an international platform, thereby placing India on the global map of gold trading along with other major countries.