India International Bullion Exchange IFSC

What India International Bullion Exchange IFSC does

India International Bullion Exchange IFSC Limited (IIBX) is India's first and only International Bullion Exchange, incorporated and operating from GIFT City IFSC in Gandhinagar, Gujarat. Launched on July 29, 2022 by the Prime Minister and regulated by the International Financial Services Centres Authority (IFSCA), IIBX operates a centralized electronic order-book platform for spot and futures trading in gold and silver, with all contracts listed and settled in US Dollars. The exchange has received Qualifying Central Counterparty (QCCP) status from IFSCA and benefits from a statutory NIL-tax framework — zero customs duty, STT, CTT, DDT, LTCG, STCG, and stamp duty — that materially lowers the cost of bullion imports versus traditional channels.

The platform serves five participant categories: Qualified Jewellers (Indian entities under ITC(HS) codes 7108/7113/7114/7118 with minimum Rs 25 crore net worth), Qualified Suppliers (LBMA and UAE GD accredited refiners), India-UAE CEPA Tariff Rate Quota holders, Special Category Client Banks (RBI-authorized Indian banks), and Trading/Clearing Members. Core technology includes an electronic order-matching engine, the Bullion Depository Receipt (BDR) dematerialization system settled through IIDL, T+0 settlement with 30-minute BDR cycles and four daily fund-settlement windows, a T+2 contract variant, and a VaR-based real-time margining and risk management framework. Members access the platform via proprietary terminals or Computer-to-Computer Link (CTCL) APIs.

IIBX is privately held and was promoted by five market infrastructure institutions — CDSL, India INX, NSDL, NSE, and MCX — each contributing domain expertise in depositories, exchanges, and commodity markets. Revenue is generated through three streams: per-trade transaction fees, tiered annual membership fees pegged to net-worth thresholds (USD 135,000 to USD 1,350,000), and recurring data and connectivity fees. Headcount is in the 11–50 range. Cumulative gold trading crossed 100 tonnes by March 2025, with FY24-25 volumes reaching 92 tonnes — up from 411 kg in the launch year — and the exchange positioned itself as the sole active bullion import route during April 2026 import disruptions.

Name

India International Bullion Exchange IFSC

Legal name

India International Bullion Exchange IFSC Limited

Website

https://iibx.co.in

Company type

Private

Founded year

2022

Operating status

Operating

Headcount range

51–100 employees

Short description

India International Bullion Exchange IFSC (IIBX) is India's sole international bullion exchange at GIFT City, operating an electronic spot and futures platform for gold and silver with T+0/T+2 settlement for qualified jewellers, suppliers, banks, and CEPA TRQ holders.

Ownership category

akta.pro rank

Headquarters

HQ city

Gandhinagar

HQ country

India

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Technology or R&D, Personnel, Operations, Infrastructure, Marketing or Sales

Revenue model

1. Trading and Transaction Fees: Exchange charges transaction fees on trades executed through the platform, including trading member fees, clearing fees, and settlement charges. Transaction charges apply per circular published on IIBX website.
2. Membership Fees: Annual fees collected from various member categories (Trading Members, Clearing Members, Qualified Jewellers, Qualified Suppliers) based on net worth tiers as specified by IIBX regulations.
3. Data and Connectivity Fees: Fees charged for market data products, API access, and connectivity services to trading terminals and systems.

Pricing tiers

Distribution channels5 records

Marketing channels4 records

Core offering

IIBX operates as India's first and only International Bullion Exchange, providing an electronic trading platform for spot and futures trading of gold and silver bullion that meets LBMA and UAE Good Delivery standards. The exchange enables Qualified Jewellers, Qualified Suppliers, India-UAE TRQ holders, Trading/Clearing Members, and Special Category Client Banks to trade standardized bullion contracts denominated in US Dollars. Settlement is executed via Bullion Depository Receipts (BDRs) on a T+0 cycle with multiple daily settlement windows, supported by a VaR-based real-time risk management and margining system.

Product overview

IIBX operates as India's first International Bullion Exchange at GIFT City, offering a diversified portfolio of spot and futures trading products for gold and silver bullion. The platform offers LBMA-standard gold (Gold 995, Gold Mini 999, Gold 9999, Gold 12.5 9999) and silver products (Silver Grains, Silver Bar), alongside UAE Good Delivery (UAEGD) variants including UAEGDTRQ products for India-UAE CEPA quota holders. Settlement is available in T+0 and T+2 cycles with Bullion Depository Receipts (BDR) as the settlement instrument. The exchange provides proprietary trading terminals, CTCL/API connectivity for custom software development, real-time market data products, and a comprehensive risk management framework with VaR-based margining. All contracts are listed, traded, and settled in US Dollars.

Differentiator

Problem solved

Functional benefit

Products and services

• Spot Gold Trading Electronic spot trading of LBMA-standard gold contracts (Gold 995, Gold Mini 999, Gold 9999 T+0, Gold 12.5 9999 T+0) denominated in US Dollars, available to Qualified Jewellers, Qualified Suppliers, TRQ Holders, Trading Members, and Special Category Client Banks.
• Spot Silver Trading Electronic spot trading of LBMA-standard silver contracts (Silver Grains and Silver Bar) listed and settled in US Dollars for qualified exchange participants.
• UAE Good Delivery (UAEGD) Gold and Silver Contracts Spot trading of UAE Good Delivery-compliant gold and silver products, including UAEGD Gold 995, UAEGD Gold 999, UAEGD Gold 9999 T+0, UAEGD Gold 12.5 9999 T+0, UAEGD Silver Grains, and UAEGD Silver Bar, designed for trade under India-UAE CEPA provisions.
• UAEGDTRQ Gold Contracts UAEGDTRQ Gold 995 and UAEGDTRQ Gold 999 contracts reserved for India-UAE CEPA TRQ Holders, allowing preferential-duty imports of UAE-origin gold at concessional rates.
• Futures Market in Gold and Silver Dedicated derivatives segment at derivative.iibx.co.in offering T+0 and T+2 futures contracts in gold and silver, with extended trading hours and a separate Trading Member base.
• Bullion Depository Receipts (BDR) Settlement Instrument Electronic depository receipts representing underlying gold or silver bullion deposited in IFSCA-approved vaults, with unique BDR numbers linked to ISIN, purity, weight, and bar serial numbers enabling dematerialized trading and settlement.
• IIBX Trading Application Proprietary trading terminal software for members with normal and fast order entry, market snapshot, customizable market watch, real-time margining, and net position view with real-time MTM.
• CTCL (Computer-to-Computer Link) API Facility API-based connectivity facility allowing trading members and registered Independent Software Vendors (ISVs) to develop custom trading software, integrate back-office operations, and provide online trade analysis with risk management tools.
• Market Data Products Real-time and end-of-day market data feeds including security codes, OHLC prices, traded volume, weighted average price, circuit limits, turnover value, and trade counts, disseminated to data feed vendors and subscribers.

Quantifiable outcome

• Cumulative gold trading crossed 100 tonnes as of March 2025
• +3 more outcomes

Named customers6 records

Segments5 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Six partnerships are on record, tiered regulatory, key and core.

• IFSCA (International Financial Services Centres Authority)regulatoryStrategic or Co-development Partner · 3 June 2026IFSCA is the unified regulator for IFSC in India, overseeing all financial services including IIBX. IFSCA granted QCCP status to IIBX and notified commodity trading as financial products within IFSC framework from January 2026.
• State Bank of India (SBI)keyTechnology or Integration · 1 November 2025SBI executed first gold trade as Special Category Client on IIBX in November 2025. SBI's participation aims to improve efficiency, transparency, and accessibility in India's bullion imports, benefiting MSME jewellers.
• India International Depository IFSC Ltd (IIDL)coreTechnology or IntegrationIIDL acts as the depository for IIBX, issuing and managing Bullion Depository Receipts (BDRs). All members must open bullion depository accounts with IIDL. Depository provides electronic custody of physical bullion deposited in approved vaults.
• INDIA ICC (India International Clearing Corporation)coreTechnology or IntegrationINDIA ICC handles clearing and settlement of trades executed on IIBX as per SEBI guidelines. Provides multilateral netting basis settlement and risk management services.
• LBMA (London Bullion Market Association)coreStrategic or Co-development PartnerLBMA sets global standards for gold and silver quality (Good Delivery List). IIBX accepts bullion from LBMA-accredited refiners, ensuring international quality standards for trading on the exchange.
• UAE Good Delivery (UAEGD)coreStrategic or Co-development PartnerUAE GD programme sets standards for gold and silver bars accepted in UAE markets. IIBX accepts UAE GD compliant bullion and offers specific contracts (UAEGD GOLD, UAEGDTRQ GOLD) for trading.

Scale indicators9 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Multi Commodity Exchange of India (MCX): India's leading commodity derivatives exchange offering gold and silver futures. MCX is also a promoter of IIBX and shares the same regulatory landscape, making it the closest comparable as a commodity exchange venue serving Indian market participants.
• India International Exchange (India INX): India's first international exchange at GIFT City, operating in the same IFSC framework as IIBX. India INX is also a promoter of IIBX and provides cross-border trading infrastructure, making it directly comparable as a GIFT City-based exchange.

Broad incumbents

• National Stock Exchange of India (NSE): India's largest securities exchange and a promoter of IIBX. NSE provides trading platform technology and market infrastructure expertise to IIBX, making it comparable as a regulated exchange operator with deep Indian market reach.
• CME Group: World's largest derivatives exchange operator with COMEX gold and silver futures. CME Group is comparable as a global benchmark commodity exchange with established clearing, margining, and market data infrastructure.
• BSE (Bombay Stock Exchange): Asia's oldest stock exchange with a commodity derivatives segment and competing exchange infrastructure in India. BSE is comparable as a regulated Indian exchange operator with overlapping regulatory and operational frameworks.
• London Metal Exchange (LME): Global benchmark exchange for metals trading, owned by Hong Kong Exchanges. LME is comparable as a regulated commodity exchange infrastructure serving global bullion and metals participants with a clearing and settlement ecosystem.

Regional players

• Shanghai Gold Exchange: China's primary physical gold exchange and one of the world's largest bullion trading venues. Comparable as a national-scale physical gold spot exchange operating in a regulated framework serving domestic jewellers and institutional participants.
• Dubai Gold & Commodities Exchange (DGCX): Middle East-based commodity exchange that historically dominated South Asian gold and silver trading flows. DGCX is comparable as a regional bullion and commodity exchange venue competing for similar customer flow.

Others

• Central Depository Services (India) Limited (CDSL): Promoter of IIBX and one of India's two central depositories. CDSL is comparable as an exchange-adjacent infrastructure provider enabling dematerialized settlement, which underpins IIBX's BDR-based bullion trading model.
• National Securities Depository Limited (NSDL): India's largest depository and a promoter of IIBX. NSDL is comparable as a securities settlement infrastructure provider whose technology and frameworks underpin IIBX's electronic bullion receipt system.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/IIBXIFSC
• LinkedInlinkedin.com/company/iibxifsc

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about India International Bullion Exchange IFSC