IIBX Struggles to Find Its Footing Four Years After Launch

The India International Bullion Exchange (IIBX), which was set up in 2022 to help India influence global gold prices, has struggled to attract meaningful trading volumes four years after its launch. The exchange's chief executive officer Ashok Kumar Gautam resigned recently citing personal reasons, sparking questions about the exchange's future.

The IIBX is regulated by the International Financial Services Centres Authority and is located at Gujarat International Finance Tec-City (GIFT City). It was set up with the goal of helping India become a price-maker in the global gold market, rather than a price-taker. However, it took nearly three years for the exchange to cross the 100-ton mark in cumulative gold trading, which is just a fraction of the roughly 700 tons India imports annually through other channels.

Trading volumes on the exchange did spike briefly in April 2026 due to a bank import disruption over IGST demands. During this period, the exchange recorded its highest daily volumes in a year and May started off stronger still, but traders noted that importing through the exchange takes longer and ties up more working capital compared with other channels.