In 2009, the government of India purchased 200 metric ton of gold from the International Monetary Fund (IMF) at $6.7 billion. This purchase has propelled the India Bullion Market to the tenth position among the top global gold holders. This purchase signals that the economy of the country has come full circle and is also a way of spreading its assets. The current foreign exchange or forex reserve of India is nearly $285 billion. The share of foreign currency in the forex is $268.3 billion, followed by gold at $10.3 billion, IMFs special drawing rights accounts for $5.2 billion while the reserve position in the IMF accounts for $1.59 billion.
Trading of gold is known as bullion trading. India is the leading consumer and importer of gold in the world. Due to this, the potential of the India bullion market is very promising. Owing to the weak price of Dollar in the global market, the price of bullion is soaring. The gem and jewelry industry of India is one of the fastest growing sectors of the economy at an approximate rate of 15%. The India Bullion market is under the strict supervision of the Government as bullion is one of the major indicators of the wealth of the country.
IBMA or the Indian Bullion Market Association is a national level body that represents the Indian Bullion Trade and Industry. This body is an association of all leading bullion dealers and jewelry merchants who have tied up with the National Spot Exchange Limited. The idea of this association is to promote a professional organizational dedication towards the development and growth of the bullion industry in India.
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