HDFC Bank, India’s leading private sector bank, has made history by executing the first gold forward deal from the Gujarat International Finance Tec-City (GIFT City). This milestone was achieved in collaboration with Hindustan Platinum Pvt. Ltd., a renowned global refiner and manufacturer of high-purity precious metals.
The Indian government has recently empowered domestic entities with gold price exposure to hedge their risks through the GIFT City platform. Recognising this opportunity, HDFC Bank is actively contributing to the development of a robust bullion ecosystem within GIFT City. The bank’s International Banking Unit (IBU) in GIFT City serves as a key player, holding memberships on the Indian International Bullion Exchange (IIBX).
Arup Rakshit, Group Head – Treasury, HDFC Bank, said, “We are delighted to announce the successful execution of the first gold forward deal from GIFT City. This achievement underscores our commitment to leveraging the opportunities offered by GIFT City to deliver innovative and efficient financial solutions. HDFC Bank will endeavour to provide tailored hedging solutions to the gems and jewellery sector, as well as various industrial sectors, to effectively manage their risks.”
As a nominated agency, HDFC Bank is currently undergoing the process of becoming a special category client on IIBX and is now offering comprehensive gold and silver forward contracts from the GIFT City platform.