State Bank of India (SBI) announced its first gold trade as a special category client on the India International Bullion Exchange (IIBX) Ltd. on Saturday. This significant event marks a transformative shift in India’s bullion import landscape, enhancing efficiency, transparency, and accessibility, particularly for micro, small, and medium enterprises (MSME) in the jewelry sector.
SBI also holds the distinction of being the first bank to become a Trading-cum-Clearing (TCM) Member at IIBX in 2024. As a special category client, the bank aims to facilitate seamless bullion transactions for jewelers, bullion dealers, and other stakeholders, responding to the increasing demand for precious metals nationwide.
The initiative aligns with SBI’s commitment to innovation and financial inclusion, utilizing IIBX’s advanced infrastructure to streamline imports and reduce reliance on traditional methods. C S Setty, Chairman of SBI, emphasized that this collaboration reinforces the bank’s pioneering role in financial services and aims to reshape bullion imports, making them more cost-effective and compliant with international standards. He noted the initiative as a moment of national pride that benefits the entire ecosystem, from importers to consumers in the jewelry industry.
SBI’s involvement with IIBX highlights its strategic focus on GIFT City as a prospective global financial hub, supporting governmental efforts to formalize and modernize the bullion trade. By serving as a key intermediary, SBI intends to enhance liquidity, promote competitive pricing, and foster sustainable growth within India’s bullion and jewelry sectors. This effort may also encourage other nominated banks to engage with IIBX as Special Category Clients to address the evolving needs of this dynamic market.
Published on November 1, 2025.
