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India’s first global gold exchange aims to create a regional bullion hub that will allow more jewelers to import the precious metal.
The India International Bullion Exchange is expected to attract dealers, refineries and foreign banks, Chief Executive Officer Ashok Gautam said in an interview this week. The spot exchange -- based in western India’s Gujarat International Finance Tec-City -- will be launched Friday by Prime Minister Narendra Modi, and trade will be in the form of bullion depository receipts.
The bourse will allow qualified jewelers to directly import gold, a change from current rules where only some banks and
