What discount do we get in custom duty in IIBX?
What Discount Do We Get in Customs Duty in IIBX? India's push towards formalizing and digitizing its gold market took a significant leap with the launch of the India International Bullion Exchange (IIBX) in 2022. Positioned at GIFT City (Gujarat International Finance Tec-City), IIBX serves as a regulated platform for bullion trading, enabling qualified jewellers and entities to import gold in a transparent, cost-effective, and compliant manner. One of the major incentives for participating in IIBX is the discount on customs duty offered on gold imports made through this exchange. This article explores in detail what that discount is, how it works, who can benefit, and what it means for India’s bullion industry. What is IIBX (India International Bullion Exchange)? The India International Bullion Exchange (IIBX) is India's first international bullion exchange, designed to streamline the import and trading of gold and silver. It aims to: Provide a transparent and eff...