The "India International Bullion Exchange (IIBX)" has been established by Prime Minister Narendra Modi at the Gujarat International Finance Tec-City (GIFT City), which is close to Gandhinagar. India's first global bullion exchange is called IIBX.

The exchange will sell actual gold and silver, as was stated in Budget 2020. Jewellers having a net worth of at least Rs 25 crore would be eligible to participate in the exchange.

• As a result, authorized jewellers will be able to import gold directly through IIBX.
• IIBX is governed by the International Financial Services Centers Authority (IFSCA).
• Five market institutional investors, including CDSL, India INX, NSDL, NSE, and MCX, are promoting IIBX.
• This exchange will standardize the financialization of bullion in India, increase transparency in the pricing process, and serve as a benchmark for the bullion's quality.
• The International Financial Services Centre Association must be registered before NRIs and institutions can take part in the exchange (IFSCA).