Indias first spot bullion platform at Coimbatore

Written by Commodities Bureau | Mumbai, Aug 25 | Updated: Aug 26 2008, 06:43am hrs
RiddiSiddhi Bullions (RSBL) Ltd, the biggest bullion dealer in the country, has launched Indias first electronic over-the-counter spot trading platform (RSBL Spot - spot precious metals online Trading) at Coimbatore. RSBL Spot is currently trading with contracts of 100 gm (.999) and 1 kg (.995) gold, and 30 kg silver (.999) with delivery centres at Mumbai, Ahmadabad, Hyderabad, Vijayawada and Coimbatore. The trading platform does not charge for opening an account, commission for trading or for the usage of terminals.

RSBL Spot is a common solution for all problems faced by jewellers. With this platform, we have created an integrated systematic, transparent and efficient buy-sell mechanism for all wholesalers and retailers of jewellery. The prices on Spot are comparable to all international or domestic physical market prices. It has emerged as the benchmark for Indian prices of precious metals, said Prithviraj Kothari, managing director, RSBL.

The company is the only firm that owns the credit to start such a trading platform for bullion in rupees for jewellers, wholesalers, jewellery manufacturers, hedgers and investors. The e-trading platform RSBL Spot also provides trading facilities without the involvement of any intermediaries.

With the overwhelming response from Mumbai, Ahmadabad, Hyderabad and Vijayawada and after achieving sky-high volumes from these centres, RSBL is moving towards expanding its business by starting spot trading in Coimbatore where the requirement for gold is very high in manufacturing, investment and fashion, Kothari added.

Within 5 months of its launch, the RSBL Spot has registered 300-plus clients. RSBL Spot recorded a total volume of 6 tonne gold and has already recorded a volume of 2.3 tonne for the month of August. We have outperformed the combined volume of 3,093.033 kg of all gold ETFs (exchange traded funds) in the country, said Samir Shah, vice-president, RSBL Spot.