Kolkata, Sep 30 (PTI) The India International Bullion Exchange (IIBX) will open its own vault in Kolkata by Diwali, allowing jewellers in West Bengal to take delivery of bullion locally, a company official said on Wednesday.
Jewellers in the state currently have to source bullion from Chennai or GIFT City in Ahmedabad, IIBX MD and CEO Ashok Gautam said.
“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,” Gautam said at the ICC Gems & Jewellery Summit here.
A local vault is expected to reduce logistics and transit costs and delivery time for jewellers in eastern India, and bring the exchange’s bullion delivery infrastructure closer to the region’s jewellery trade.
Nearly 50 qualified jewellers and TRQ holders in Bengal are already associated with IIBX.
For the first time, eligible Indian resident jewellers can import bullion directly into India through IIBX by participating either as Clients of Trading Members or as Special Category Clients in accordance with applicable regulations.
Earlier, bullion was imported only through RBI-permitted banks and public sector agencies.
Vinod Bamalwa, Chairman of the ICC National Expert Committee, said India’s gems and jewellery exports reached USD 27.72 billion in FY2025-26, with studded gold jewellery exports growing 6.27 per cent year-on-year to USD 6.52 billion.
Suvankar Sen, Co-Chairman of the committee and MD and CEO of Senco Gold Ltd, said the industry has seen a continuous 15-17 per cent volume degrowth over the last two years even as value terms have grown.
“High gold prices have affected consumer affordability, leading to a shift towards lightweight and lower-carat jewellery,” he said.
With the India-UK FTA providing zero-duty access to the UK’s USD 4 billion jewellery market, the sector is well positioned to scale exports to USD 75 billion by 2030 and USD 100 billion by 2040, he said.
The West Bengal government invited the industry to set up a Skill University for the sector in the state. PTI BSM NN
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