Senco Gold & Diamonds on Tuesday announced that it has become the first qualified jeweller from East India to import gold on India International Bullion Exchange (IIBX) post ICEGATE integration.

Senco Gold & Diamonds, which was notified as a Qualified Jeweller (QJ) by the IFSCA (International Financial Services Centres Authority) in March 2023, is permitted to purchase Bullion Depository Receipt (BDR) on IIBX for import of gold and completed its first trade successfully where the BDR got settled within 30 minutes. With this Senco also became the first company from East to trade Gold Mini 999 100 grams (gold bars of 999 purity) contract post ICEGATE implementation.

India's first International Bullion Exchange (IIBX) was launched in the GIFT city (Gujarat International Finance Tec-City) in July 2022 to act as the Gateway for Bullion Imports into India, with an aim to channelize through the exchange, all the bullion imports for domestic consumption.

Indian Customs Electronic Data Interchange Gateway (ICEGATE), the national portal of Indian Customs, an interface between the trade users and Customs Department and which acts as a hub for exchanging information with external trading partners involved in international trading was integrated with IIBX on May 10, 2023 thereby opening up the processes for exporters of jewellery to take advantage of competitive rates when importing gold through IIBX.

Suvankar Sen, MD & CEO, Senco Gold & Diamonds, said, “The launch of IIBX was indeed an important reform which allowed qualified jewellers to import gold. Being one of the first companies to trade on the platform post ICEGATE implementation is an important milestone for us at Senco as we believe in staying ahead of the curve and importing gold through the platform gives us the advantage of price discovery and assurance of quality."

Courtesy: ET