Stories
IIBX to Open Bullion Vault in Kolkata by Diwali, Boosting Local Jewellery Trade
- •The India International Bullion Exchange (IIBX) will open its own vault in Kolkata by Diwali, allowing West Bengal jewellers to take local delivery of bullion.
- •Currently, jewellers in the state source bullion from Chennai or GIFT City in Ahmedabad, incurring higher logistics and transit costs.
- •The new local vault is expected to reduce delivery time and costs for jewellers in eastern India, bringing infrastructure closer to the region's trade.
- •Nearly 50 qualified jewellers and TRQ holders in Bengal are already associated with IIBX, which enables eligible Indian resident jewellers to import bullion directly.
- •India's gems and jewellery exports reached USD 27.72 billion in FY2025-26, with the sector aiming for USD 75 billion by 2030 and USD 100 billion by 2040, supported by initiatives like the India-UK FTA.
Key Questions Answered
The India International Bullion Exchange (IIBX) is scheduled to open its own bullion vault in Kolkata by Diwali. This local vault will allow jewellers in West Bengal to take delivery of bullion locally instead of sourcing it from Chennai or GIFT City in Ahmedabad.
A local vault in Kolkata is expected to reduce logistics costs, transit expenses, and delivery times for jewellers across eastern India. Currently, state jewellers must source their bullion from distant locations like Chennai or GIFT City in Ahmedabad.
Eligible Indian resident jewellers can import bullion directly into India through IIBX by participating either as Clients of Trading Members or as Special Category Clients, following applicable regulations. Previously, bullion imports were restricted exclusively to RBI-permitted banks and public sector agencies.
