Gold industry steering committee to plan international bullion exchange in Gujarat
A committee representing India’s gold industry will create a joint paper to plan the implementation of an international bullion exchange at Gujarat International Fin-Tec (GIFT) City close to Ahmedabad.
A gold industry committee met at financial hub GIFT City last week along with World Gold Council members, jewellers’ associations, banks, and international vaulting service providers among others, the Press Trust of India reported. The meeting concluded with the decision that the steering committee will produce a plan of how to successfully implement the proposed international bullion exchange at GIFT City and integrate it into the area’s financial ecosystem.
“International bullion exchange is an important element of a vibrant financial hub,” said GIFT City’s managing director and group CEO Tapan Ray, the Press Trust of India reported.
“For an emerging financial hub like GIFT IFSC, the time is apt to establish the bullion exchange as this will provide impetus to investments and international transactions.”
The international bullion exchange in GIFT City was sanctioned in the Union Budget presented on February 1, 2020. The exchange will be designed to ameliorate gold price discovery, create employment opportunities in the region, and improve India’s position in the global gold market.
The World Gold Council’s managing director, Somasundaram P R, described the plan to set up a bullion trading system in GIFT City as a “game changer,” the Gem and Jewellery Export Promotion Council reported.
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