The India International Bullion Exchange (IIBX), located at GIFT City in Gandhinagar, has achieved a significant milestone by becoming the world’s first global bullion exchange to offer bullion depository receipt (BDR) settlements every 30 minutes, according to a media report.
Operating from 9 am to 5:30 pm, the exchange has designated 17 slots for BDR settlements, with each settlement occurring every half an hour, starting from 9:30 am. So every 30 minutes, the BDR receipt will be seamlessly transferred from the depository’s demat account to that of qualified jewellers.
Ashok Gautam, the Managing Director and CEO of IIBX, told The Times of India that the regulatory authority, IFSCA, approved the 30-minute BDR settlements after confirming the exchange’s operational and technical readiness. He stated, “This is the first time such expedited clearances have been offered by any bullion exchange worldwide. The faster realization of BDR into the jewellers’ account allows for obtaining physical gold after necessary duty payments and customs clearances to commence more quickly.”
Recently, the integration of the Indian customs and central excise electronic commerce/electronic data interchange (EC/EDI) gateway, commonly known as ICEGATE, into IIBX has streamlined customs clearances, resulting in a total of 142.3 kg of gold being traded on the exchange. Currently, 91 registered qualified jewellers actively participate in trading activities on IIBX.