PM Modi to launch India's first international bullion exchange but what is it?

International Bullion Exchange: To facilitate efficient price discovery with the assurance of responsible sourcing and quality of gold, Prime Minister Narendra Modi will inaugurate the India International Bullion Exchange in GIFT city in Gujarat’s Gandhinagar on July 29. 

What is International Bullion Exchange 

The exchange will be the Gateway for Bullion Imports into India, wherein all the bullion imports for domestic consumption shall be channelized through the exchange.

According to reports, the exchange will help to establish India’s position as a dominant trading hub in the World.  

To become qualified jewellers, entities require a minimum net worth of Rs 25 crore and 90 per cent of the average annual turnover in the last three financial years through deals in goods categorised as precious metals. So far, about 60 qualified jewellers have signed up for IIBX. 

Qualified jewellers will be permitted to import gold through the IIBX. 

The bullion exchange, which was announced in the 2020 Union Budget, has not only enrolled jewellers to trade on the exchange, but has also set up the necessary infrastructure to store physical gold and silver.