Gujarat International Finance Tec-City (GIFT), Gandhinagar
“Twenty-three qualified jewellers from West Bengal and 105 from Maharashtra and Mumbai are already associated with the exchange. Overall, 431 qualified jewellers have been approved, while another 110 are in the pipeline,” he added. A vault at J Matadee SEZ in Chennai is already operational, with storage capacity for 40 metric tonnes of gold and 2,200 metric tonnes of silver.
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Sources said vault managers had applied for various approvals with India International Depository-IFSC Ltd. Buyers can take physical delivery after the trade,” Gautam said. Ahmedabad: India International Bullion Exchange (IIBX) is expanding its physical delivery network with new vaulting centres in Mumbai and Kolkata, in a move aimed at lowering logistics costs and improving access to bullion for jewellers and traders. IIBX has been building its delivery infrastructure beyond Gujarat International Finance Tec-City (GIFT City) in Gandhinagar , where the exchange is based. The facility has improved access to bullion for qualified jewellers in southern India. The expanding vault network supports the physical delivery component of IIBX’s electronic trading and settlement system. “Physical bullion stored in approved facilities represents bullion depository receipts (BDRs) on a one-to-one basis. This allows ownership to be transferred electronically through demat accounts after a trade on IIBX. Download the TOI App.
The two facilities — at SEEPZ SEZ in Mumbai and Manikanchan SEZ in Kolkata — are expected to become operational by the end of Nov, officials said. “The move will allow SEZ jewellery exporters and other qualified jewellers in Maharashtra, West Bengal and nearby states to take delivery from the Mumbai and Kolkata centres, in addition to sourcing bullion from GIFT City and Chennai,” said IIBX MD and CEO Ashok Gautam. The centres will bring physical bullion closer to key jewellery markets in eastern and western India, and help reduce delivery time and transportation expenses.