State Bank of India (SBI) on Saturday announced that it has executed its first-ever gold trade as a Special Category Client (SCC) on the India International Bullion Exchange (IFSC) Ltd (IIBX), marking a key milestone in the country’s bullion market.
In a statement, the bank said the move signifies a new era in India’s bullion import ecosystem — enhancing efficiency, transparency, and accessibility, especially for MSME jewellers.
SBI, which became the first bank to register as a Trading-cum-Clearing (TCM) Member at IIBX in 2024, said that its SCC status will enable it to facilitate seamless bullion transactions and assist jewellers, bullion dealers, and other stakeholders in meeting the rising demand for gold across the nation.
According to the bank, this initiative is in line with its commitment to innovation and financial inclusion. By leveraging the advanced infrastructure of IIBX, SBI aims to simplify bullion imports and reduce dependence on conventional import channels.
SBI Chairman C.S. Setty said the collaboration highlights the bank’s pioneering role in the financial services sector and its efforts to make bullion imports more cost-effective and compliant with global standards. “It’s a moment of national pride that benefits the entire jewellery ecosystem—from importers to consumers,” he added.
SBI’s participation reinforces its strategic focus on GIFT City’s growth as a global financial hub and supports government efforts to modernize and formalize the bullion trade.
By acting as a key intermediary on IIBX, SBI aims to promote greater liquidity, competitive pricing, and sustainable growth in India’s bullion and jewellery industry. The bank also expressed hope that other nominated banks will join IIBX as Special Category Clients to collectively strengthen the sector.
