MCX inks MoU with IBJA
Jointly collaborate to explore opportunities to set up the Bullion Spot Exchange Multi Commodity Exchange of India Ltd (MCX), the country’s largest commodity exchange signed an MoU with India Bullion and Jewellers Association Ltd (IBJA), the apex industry body for all bullion and jewellery associations in India on various cooperation activities for the growth and development of bullion industry, including a joint viability of setting up a ‘Bullion Spot Exchange’ in India. It is in line with the Government of India’s vision of establishing trade efficient and consumer friendly system of regulated gold exchange in the country for bullion stakeholders for efficient price discovery and transparency. Gold Spot Exchange, once set up, would help considerably in creating a vibrant gold ecosystem corresponding to India’s annual demand of around 800-900 tonnes. It would further lead to assurance in the quality of gold, provide for a robust settlement mechanism, multiple de...