The India International Bullion Exchange to Commence Silver Trading

SEATTLE (Scrap Monster): The India International Bullion Exchange (IIBX) is set to commence trading in silver metal with effect from tomorrow, 12th December, 2023. It must be noted that the exchange had earlier received permit to import silver, via a notification issued by the Directorate General of Foreign Trade (DGFT) two months back. In future, the exchange plans to begin trading of future contracts of gold and silver.

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According to sources, nearly more than hundred qualified jewellers approved by the International Financial Services Centre Authority (IFSCA) have announced collaboration with the exchange. Also, 22 qualified silver and gold suppliers too have tied up with IIBX to enable trading of the precious metals.

Previously, only nominated banks were having permission to import silver. By enabling silver imports through IIBX, it is now possible for jewellers who are part of the exchange to buy silver directly. Apart from opening up an alternative route for silver imports, this has benefited the local market in a big way. It must be noted that the country’s silver imports had totalled around 8,691 metric tonnes (MT) last year.

The sources indicated that IIBX is fully equipped and technologically ready to handle silver trading. The exchange already has a 4,500 MT vault for holding silver.