BSE, Gem and Jewellery Council to promote e-gold receipt, IIBX

New Delhi: Leading stock exchange BSE on Wednesday said it has collaborated with the Gem & Jewellery Council (GJC) to provide impetus for the growth and development of commodities and proposed electronic gold receipt (EGR) market in the country. Apart from knowledge sharing and research, the pact will help standardise EGRs for Indian markets and enhance transparency in pricing, the exchange said in a statement.

The pact will also explore potential business and facilitate growth by sharing knowledge and expertise to promote the launch of the India International Bullion Exchange (IIBX) at GIFT city, IFSC.

Through this association, BSE and GJC, as well as the stakeholders they serve, will be able to capitalise on the synergies, knowledge and expertise to support innovations and development in spot trading for gold.

“The idea of spot trade via EGR and IIBX will lead to greater assurance in the quality of gold supplied, efficient price discovery and transparency in transacting in gold for all stakeholders,” Sameer Patil – CBO, BSE, said.

Ashish Pethe, Chairman, GJC said the association will help members of GJC mitigate price risks of gold in both the domestic and international zones.

“This would further help our members procure gold of high quality thus making our industry more competitive in the global markets.”

BSE is the market leader in the bullion ‘options in goods’ segment and the only exchange to have deliveries executed in Gold, Gold Mini and Silver 30 kgs contract.

Courtesy: Economic Times