State Bank of India (SBI) has executed its first-ever gold trade as a special category client (SCC) on the India International Bullion Exchange (IIBX) at GIFT City, marking a milestone in India’s efforts to modernise its bullion trade, PTI reported.
In a statement, SBI said the development signals a new era for bullion imports by improving efficiency, transparency, and accessibility—particularly benefiting MSME jewellers and bullion dealers. The bank had earlier become the first to join IIBX as a Trading-cum-Clearing (TCM) member in 2024.
As a special category client, SBI will now facilitate streamlined bullion transactions and help meet rising demand for gold imports across the country, PTI added. The move also reflects the bank’s commitment to financial innovation and inclusion, leveraging IIBX’s advanced infrastructure to reduce reliance on traditional import mechanisms.
SBI Chairman C S Setty said the collaboration highlights the bank’s pioneering role in the financial sector and aims to make bullion imports more cost-effective and globally compliant. He described it as “a moment of national pride” that strengthens the entire jewellery ecosystem—from importers to consumers.
SBI’s participation reinforces its strategic focus on GIFT City’s development as a global financial hub while supporting the government’s push to formalise and modernise the bullion market. The bank said its leadership role could encourage other nominated banks to join IIBX as special category clients, promoting liquidity, competitive pricing, and sustainable growth across India’s bullion and jewellery sectors.
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