Ahmedabad: A couple of months since the notification by the Directorate General of Foreign Trade (DGFT) that enabled the India International Bullion Exchange (IIBX) situated at GIFT-IFSC in Gandhinagar to import silver, the exchange is finally gearing up to start trading in the metal.
Well-placed sources confirm silver trading may start on December 12.
Going forward the exchange will also begin trading of future contracts for gold and silver.
So far, around 102 qualified jewellers who can purchase silver alongside gold have been onboarded on the exchange. Around 22 qualified suppliers too have been onboarded.
“Earlier, only nominated banks were allowed to import silver. Now, even IIBX will be able to import silver, and jewellers who have been onboarded on the exchange can buy directly. This will benefit the domestic market in a big way and will be a transparent, alternative route for importing silver,” said a well-placed source.
In 2022, India imported some 8,691 metric tonne (MT) silver in India. The exchange is equipped with a 4,500 metric tonne (MT) vault for holding silver.
The DGFT notification was issued in October this year, amending the import policy for silver, allowing qualified jewellers approved by the International Financial Services Centre Authority (IFSCA) to import silver through IIBX. This amendment extends the avenues for importing silver beyond the agencies nominated by the Reserve Bank of India and DGFT. “The exchange is fully equipped and technologically ready to handle silver trading. Once all other necessary approvals are in place, trading in silver on IIBX will begin soon,” another source said. The exchange reported a record-high monthly turnover of 1.2 metric tonnes (1,230.2kg) of gold imports in October this year.
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Well-placed sources confirm silver trading may start on December 12.
Going forward the exchange will also begin trading of future contracts for gold and silver.
So far, around 102 qualified jewellers who can purchase silver alongside gold have been onboarded on the exchange. Around 22 qualified suppliers too have been onboarded.
“Earlier, only nominated banks were allowed to import silver. Now, even IIBX will be able to import silver, and jewellers who have been onboarded on the exchange can buy directly. This will benefit the domestic market in a big way and will be a transparent, alternative route for importing silver,” said a well-placed source.
In 2022, India imported some 8,691 metric tonne (MT) silver in India. The exchange is equipped with a 4,500 metric tonne (MT) vault for holding silver.
The DGFT notification was issued in October this year, amending the import policy for silver, allowing qualified jewellers approved by the International Financial Services Centre Authority (IFSCA) to import silver through IIBX. This amendment extends the avenues for importing silver beyond the agencies nominated by the Reserve Bank of India and DGFT. “The exchange is fully equipped and technologically ready to handle silver trading. Once all other necessary approvals are in place, trading in silver on IIBX will begin soon,” another source said. The exchange reported a record-high monthly turnover of 1.2 metric tonnes (1,230.2kg) of gold imports in October this year.
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