India International Bullion Exchange IFSC Limited (IIBX) is India’s first International Bullion Exchange, regulated by the International Financial Services Centres Authority (IFSCA), and established at GIFT International Financial Services Centre (GIFT IFSC), Gandhinagar, Gujarat.
IIBX was inaugurated by the Hon’ble Prime Minister of India, Shri Narendra Modi on 29 July 2022, marking a significant milestone in the evolution of India’s bullion market and strengthening India’s position in the global precious metals ecosystem.
The Exchange was established with the objective of creating a transparent, efficient and globally integrated marketplace for bullion trading and physical bullion imports.
The Exchange represents a strategic step towards strengthening India’s position in the global bullion value chain and enhancing ease of doing business for market participants.
India’s bullion market is one of the largest in the world and holds an important position in the global bullion value chain. IIBX supports India’s aspiration of building a globally benchmarked bullion ecosystem and enabling greater participation in international bullion markets.
Operating from GIFT IFSC, IIBX provides market participants access to advanced exchange infrastructure supported by robust governance, technology, risk management and regulatory oversight.
Integrated Trading, Clearing and Settlement Framework
IIBX operates an integrated market infrastructure model supporting trading, clearing and settlement activities. Pursuant to approval granted by IFSCA, the Clearing and Settlement functions currently operate as part of IIBX, enabling an integrated exchange and post-trade framework designed to support efficient market operations and participant experience.
OUR ROLE IN INDIA’S BULLION ECOSYSTEM
IIBX has been established to support modernization and institutionalization of bullion trading and imports by enabling:
• Transparent and efficient market access
• Competitive price discovery
• Standardized trading and settlement mechanisms
• Efficient bullion import channels
• Responsible sourcing practices
• Global integration with bullion markets
IIBX has created a new gateway for bullion imports into India and a world-class exchange ecosystem supporting bullion trading, investment products and post-trade infrastructure.
For the first time, eligible Indian resident jewellers can import bullion directly into India through IIBX by participating either as Clients of Trading Members or as Special Category Clients in accordance with applicable regulations.
ABOUT GIFT IFSC
GIFT International Financial Services Centre (GIFT IFSC) serves as India’s gateway for international financial services and provides a globally benchmarked ecosystem for financial market infrastructure institutions.
Being located at GIFT IFSC enables IIBX to operate within an internationally oriented financial environment designed to support innovation, efficiency and global connectivity. Through this ecosystem, IIBX continues to strengthen India’s position as a leading participant in the global bullion market.
About IFSCA
The International Financial Services Centres Authority (IFSCA) is the unified regulatory authority established under the International Financial Services Centres Authority Act, 2019 for the development and regulation of financial products, financial services and financial institutions operating in International Financial Services Centres (IFSCs) in India. IFSCA was established on 27 April 2020 and is headquartered at GIFT City, Gandhinagar, Gujarat.
GIFT IFSC is India's maiden International Financial Services Centre and is envisioned as a globally competitive financial hub connecting India with international markets. IFSCA adopts a holistic regulatory approach aimed at fostering innovation, promoting ease of doing business, strengthening market infrastructure and establishing a robust and internationally aligned regulatory environment.
Metals and Commodities is one of the key business activities regulated within GIFT IFSC. Recognising the strategic importance of bullion to India's economy and its position in global trade, IFSCA has established a comprehensive regulatory framework for the development of a transparent, efficient and internationally connected bullion market.
The IFSCA (Bullion Market) Regulations, 2025, notified on 13 February 2025, provide a comprehensive regulatory framework for the bullion market in GIFT IFSC. The Regulations replaced the earlier IFSCA (Bullion Exchange) Regulations, 2020 and expanded the regulatory framework beyond the exchange to encompass the broader bullion market ecosystem.
The regulatory framework provides for appropriate standards and requirements relating to bullion market infrastructure and participants, including Bullion Exchanges, Bullion Clearing Corporations and other participants in the bullion ecosystem. It is designed to support sound market infrastructure, effective risk management, transparency, integrity and orderly development of the bullion market.
India International Bullion Exchange IFSC Limited (IIBX) operates in GIFT IFSC under the regulatory supervision of IFSCA and is India's first International Bullion Exchange. IIBX provides a regulated and technology-enabled marketplace for bullion trading and facilitates an integrated ecosystem encompassing trading, clearing, settlement and physical delivery of bullion. Through its regulatory framework and supervision, IFSCA plays a pivotal role in enabling the development of a transparent, efficient, secure and globally competitive bullion market in GIFT IFSC. The framework seeks to strengthen price discovery, market integrity and participation while supporting the integration of India's bullion market with the international bullion ecosystem.
The continued development of the bullion market under the IFSCA framework reinforces GIFT IFSC as an international hub for bullion trading, investment and related financial services, and supports India's broader objective of establishing a globally integrated and efficient bullion market.
Regulatory Framework: IIBX operates in accordance with the applicable Acts, Regulations, Rules, Circulars and Guidelines issued by IFSCA and other relevant authorities from time to time.