6 hrs ago
IIBX to Open Kolkata Bullion Vault by Diwali
The India International Bullion Exchange plans to open a bullion storage and delivery vault in Kolkata by Diwali.
Bullion means valuable metal such as gold used by jewellers.
West Bengal jewellers currently get bullion from Chennai or GIFT City in Ahmedabad.
A nearby vault could make deliveries faster and less expensive.
About 50 qualified jewellers and TRQ holders in Bengal already work with IIBX.
Eligible resident jewellers can now import bullion through IIBX under applicable rules.
Industry officials said expensive gold has made customers buy lighter and lower-carat jewellery.
They also said the industry could grow exports substantially in the coming years.
The India International Bullion Exchange will open its own vault in Kolkata by Diwali.
The facility will let West Bengal jewellers collect bullion locally instead of sourcing it from Chennai or GIFT City.
The vault is expected to reduce logistics costs, transit expenses and delivery times for eastern Indian jewellers.
Nearly 50 qualified jewellers and TRQ holders in Bengal are already associated with IIBX.
Industry officials said high gold prices have reduced jewellery volumes, while exports and longer-term growth prospects remain strong.
- Who
- The India International Bullion Exchange, West Bengal jewellers, and industry representatives including Ashok Gautam.
- What
- IIBX will open a bullion vault in Kolkata to enable local delivery to jewellers.
- Where
- Kolkata, West Bengal, with current sourcing from Chennai and GIFT City in Ahmedabad.
- When
- By Diwali; the announcement was made on September 30.
- Why
- To bring bullion delivery closer to eastern India and potentially reduce logistics costs, transit costs, and delivery times.
Key facts
- Planned facility
- IIBX’s own bullion vault in Kolkata
- Opening timeline
- By Diwali
- Current sourcing locations
- Chennai and GIFT City in Ahmedabad
- Existing Bengal association
- Nearly 50 qualified jewellers and TRQ holders
- Export figure
- India’s gems and jewellery exports reached USD 27.72 billion in FY2025-26
- Studded gold jewellery exports
- USD 6.52 billion, up 6.27% year on year
- Industry volume trend
- Volume declined 15-17% over the last two years while value increased
Quotes
Ashok Gautam
Managing Director and CEO of the India International Bullion Exchange
“IIBX is set to open its own vault in Kolkata by Diwali, enabling jewellers in Bengal to take delivery locally instead of sourcing it from Chennai or GIFT City”
theprint.in
“High gold prices have affected consumer affordability, leading to a shift towards lightweight and lower-carat jewellery.”
theprint.in
Sources
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