IIBX plans to bring bullion to Bengal’s doorstep with Kolkata vault by Diwali

The India International Bullion Exchange (IIBX) will open its own bullion vault in Kolkata by Diwali, allowing jewellers in West Bengal to take delivery locally instead of sourcing gold from Chennai or GIFT City, its MD and CEO Ashok Gautam said on Wednesday.

"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.

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The move is expected to lower logistics and transit costs and shorten delivery times for jewellers in eastern India, bringing IIBX's bullion delivery infrastructure closer to the region's jewellery trade.

Nearly 50 qualified jewellers and TRQ holders in West Bengal are already associated with IIBX.

Bullion route widens for resident jewellers

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 imports were routed only through RBI-permitted banks and public sector agencies.

The Kolkata vault will add a local delivery point to this trading and import framework, potentially making access to exchange-traded bullion more convenient for jewellers in eastern India.

Vinod Bamalwa, Chairman of the ICC National Expert Committee, said India's gems and jewellery exports reached USD 27.72 billion in FY2025-26, while studded gold jewellery exports rose 6.27% year-on-year to USD 6.52 billion.

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Gold gets dearer, jewellery gets lighter

Suvankar Sen, Co-Chairman of the committee and MD and CEO of Senco Gold Ltd, said the industry had recorded a continuous 15-17% volume degrowth over the past two years even as growth in value terms continued.

"High gold prices have affected consumer affordability, leading to a shift towards lightweight and lower-carat jewellery," he said.

Sen said the India-UK FTA's provision for zero-duty access to the UK's USD 4 billion jewellery market puts the sector in a position to scale exports to USD 75 billion by 2030 and USD 100 billion by 2040.

The West Bengal government also invited the gems and jewellery industry to set up a Skill University for the sector in the state.

(With inputs from PTI)