Senco Gold and Diamonds begins importing gold on India International Bullion Exchange

By

Isabelle Crossley

Published
May 31, 2023

Jewellery business Senco Gold and Diamonds has begun to import gold on the India International Bullion Exchange. The business is the first Qualified Jeweller from East India to do so after the integration of the national portal of Indian Customs, ICEGATE. 

“The launch of IIBX was indeed an important reform which allowed qualified jewellers to import gold,” said Senco Gold and Diamonds’ CEO and managing director Suvankar Sen, Indian Retailer Bureau reported. “Being one of the first companies to trade on the platform post ICEGATE implementation is an important milestone for us at Senco as we believe in staying ahead of the curve and importing gold through the platform gives us the advantage of price discovery and assurance of quality. We are happy that we could utilise the benefits provided by IIBX and are thankful to IFSCA, Customs authorities, Ashok Gautam, and team IIBX.”

Senco Gold and Diamonds was recognised as a Qualified Jeweller by the International Financial Services Centres Authority in March this year. This enabled the jewellery business to gain the necessary authorisation to purchase Bullion Depository Receipts for importing gold on the IIBX. 

Senco Gold and Diamonds has now completed its first trade and closed the deal in just 30 minutes. The business has become the first jewellery company from East India to trade the Gold Mini 999 100 grams contract following the implementation of ICEGATE.
 
The IIBX launched in Gujarat International Finance Tec-City in July last year and is designed as a gateway for bullion imports into India. Integrating ICEGATE in early May enables jewellery businesses to avail competitive rates when importing gold into India through the IIBX.