India International Bullion Exchange opens in Gujarat |
Prime Minister Narendra Modi inaugurated India International Bullion Exchange on 29th July in India`s Gift City, Gandhinagar in Gujarat state. Indian jewellers are buoyant as the exchange will enable them to buy gold at international prices saving a big amount on freight charges. They also said that the exchange is a step toward `one nation one gold rate` as qualified jewellers and banks will be able to import gold paying international prices. Indians are big consumers of physical gold, and international players are expected to pounce on the window opened by the Indian government. India imported more than 1,000 tonnes of gold in 2021, up from 430 tonnes a year ago. The yellow metal is tightly regulated in the country and currently only nominated banks and agencies approved by the Reserve Bank of India can import gold and sell it to dealers and jewelers across the country.
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