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Prime Minister Narendra Modi inaugurated India's first International Bullion Exchange (IIBX) at Gujarat's GIFT (Gujarat International Finance Tec-City) City in Gandhinagar on July 29, 2022. The India International Bullion Exchange is the third such exchange in the world. The registered jewellers will be able to sell and buy gold and silver in the exchange after registering as a trading partner. The jewelers based out of India will also be able to transact the precious metals through the exchange after registering with the International Financial Services Centre Association (IFSCA). The regulator of IIBX is IFSCA
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