Gandhinagar: There is some good news for India’s gems and jewellery sector and the banks. The International Financial Services Centres Authority (IFSCA) has renewed the recognition of India International Bullion Exchange IFSC Limited (IIBX), located at the GIFT City in Gandhinagar, as both a Bullion Exchange and a Bullion Clearing Corporation for a period of three years, according to an official notification.
IIBX is all set to play a defining role in streamlining India’s bullion imports by allowing competent jewellers and banks to directly source gold through GIFT City. With this recognition, IIBX will offer a stable exchange with lower transaction cost, improved transparency, support for gold monetisation and refining ecosystem, and indirectly strengthen India’s jewellery and MSME sectors.
GIFT City was designed to compete with global financial centres like Dubai, Singapore and London. A regulated, internationally recognized bullion exchange is a high-value financial infrastructure asset.
The renewed recognition will be valid from December 9, 2025 to December 8, 2028, enabling IIBX to continue operating within the framework of the IFSCA (Bullion Market) Regulations, 2025, specifically for bullion contracts.
After going through the IIBX’s application, IFSCA took the decision to grant the renewal to help boost the bullion trade, help the market grow, and be good for the public as a whole. The approval is based on Section 12 of the IFSCA Act, 2019, Section 4 of the Securities Contracts (Regulation) Act, 1956, and Regulation 7 of the Bullion Market Regulations.
The authority has specified that both the Bullion Exchange and the Bullion Clearing Corporation must comply with all conditions prescribed or imposed by IFSCA from time to time.
India International Bullion Exchange, located in GIFT City, Gujarat, is India’s first international bullion exchange and plays a key role in formalising and enhancing transparency in the country’s gold market.
