GJEPC recently organised a webinar to brief member exporters on importing bullion through the India International Bullion Exchange (IIBX) under the Advance Authorisation Licence. The session, titled “IIBX for Gold Export Challenges,” explored key issues such as ease of doing business, raw material access, and the role of IIBX in facilitating gold exports.
The guest speaker, Mr. Ashok Gautam, Managing Director & CEO, IIBX, detailed the platform’s regulatory framework under the International Financial Services Centres Authority (IFSCA) and its structure, jointly promoted by five market infrastructure institutions. He explained participation eligibility for qualified dealers, TRQ holders, and nominated banks, and noted that the RBI now permits entities to hedge gold price risks on IIBX using gold and silver futures.
Mr. Sabyasachi Ray, Executive Director, GJEPC, and Mr. K.K. Duggal, Director – Policy, GJEPC, highlighted the Council’s ongoing efforts to allow qualified dealers and ACC-based operators in SEZs to participate on the IIBX platform — a move that has seen progress through relaxed net worth norms and the inclusion of jewellery in exports.
Presenting an overview of the gold trading process, Mr. Gautam described vault facilities at GIFT City and Chennai, with upcoming vaults in Kolkata and Mumbai. He outlined the buying and selling process, settlement mechanisms, and trade delivery efficiency aimed at optimising exporters’ working capital.
He further elaborated on the newly enabled and tested import process for Advance Authorisation holders, confirming that customs clearance through IIBX has been successfully completed. Recent regulatory relaxations, such as reduced net worth limits and eased rules for SEZ participants, were also discussed.
The session touched upon contract denominations — 1kg for 995 purity and 100g for triple line purity — with exporters requesting smaller denominations. Discussions also covered hedging, silver contracts, and criteria for qualified dealers.
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