State Bank of India (SBI) made history by being the first Special Category Client (SCC) to trade gold on the India International Bullion Exchange (IIBX). This is a big step forward for India’s bullion import system.
Significance of the Trade
SBI’s first gold trade on IIBX is a significant advancement in the Indian gold import industry and further improves the ease, openness, and accessibility of the critical stakeholders, notably MSME jewellers. This would potentially facilitate gold import, improving competitiveness and lowering the dependence on conventional flows while creating the high standard of cost, compliance, and transparency in the gold import trade.
Role of SBI and IIBX
Being first bank to participate in IIBX as a Trading-cum-Clearing Member last year, SBI will now provide a platform for jewelers, bullion dealers, and others to conduct bullion deals effortlessly. As a key intermediary, SBI aspires to increase liquidity, competitiveness, and long-term productivity in India’s bullion and jewellery industry.
Government and Industry Impact
SBI Chairman C S Setty commented that the collaboration not only “reinforces the bank’s leadership in financial services” but also moves “in sync with the government’s objective of formalizing and modernizing the bullion trade”. In addition, this initiative is in line with GIFT City’s aspiration to become a global financial center, and it might attract more banks to participate in IIBX as SCCs, which will enhance India’s position in the global gold market.
Timeline of Key Events
| Event | Date | Description |
| SBI First Gold Trade | Nov 2025 | SBI completes first gold trade as SCC on IIBX |
| IIBX Launch | Jul 2022 | India International Bullion Exchange launched by PM Modi |
| SBI as TCM Member | 2024 | SBI becomes first bank to join IIBX as TCM Member |
| SBI as SCC | Nov 2025 | SBI facilitates bullion transactions for jewellers and dealers |
| Impact on MSMEs | Ongoing | Enhanced access and transparency for MSME jewellers |
Future Outlook
With the participation of SBI, India will witness an increased liquidity, competitiveness, and continued growth in the bullion and jewellery industry. Additionally, the participation creates a pathway for other banks to join IIBX, further formalizing and modernizing India’s bullion trade, aligning with India’s aspirations to become a primary player in the global gold trade.
In conclusion, this trade is unquestionably new ground for the country’s bullion sector. The future is bright for the trade, whose operations will now offer more accessibility, transparency and efficiency for all parties involved.