Last Updated : 19 March 2010 at 15:20 IST

RSBL launches bullion spot trading in Bengaluru

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BENGALURU (Commodity Online): Mumbai-based bullion trading company, RiddiSiddhi Bullions Limited (RSBL) has launched electronic over the counter bullion trading platform – RSBL SPOT (Spot Precious metal Online Trading) in Bengaluru on January 18, 2010.

Commenting on the launch, Prithviraj Kothari, MD, RSBL said, “The launch of RSBL Spot in Bengaluru is a part of our expansion plan and increasing demand from jewelers for online trading facility. The company has experienced overwhelming response with sky high trading volume from different centers across the country; hence we have decided to take SPOT trading to the Karnataka region in order to facilitate the service for local jewelers. ”

According to a company statement, RSBL SPOT is a common solution for all the problems faced by jewelers for purchasing bullion. This platform has integrated systematic, transparent and efficient buy-sell mechanism for all wholesellers, jewellers and retailers.

The prices on SPOT are comparable to international or other prices existing in the market. It has emerged as the benchmark Indian prices for gold and silver.

The benefits of this trading platform is that there are no account opening charges, trading commissions or terminal usage charges making it very beneficial for the jewellers’ (wholesale and retail) and manufacturers of gold and silver items, who can source their supplies directly from the company, at competitive prices.

Kothari further added that the company presently operates in 15 cities including Bengaluru. The company, which has an annual sales turnover of Rs.7900 crore, plans to take RSBL SPOT to almost 25 cities by year-end 2010.

The e-trading platform of RSBL SPOT will provide trading without the involvement of any intermediaries. RSBL SPOT is currently trading with contracts of 100 gm (.999) and 1 kg (.995) gold, and 30 kg silver (.999) with delivery centers in all the 13 cities along with Bengaluru adding as the new delivery center. Initially RSBL SPOT at Bengaluru will trade with contracts of 100 gm (.999) and 1kg ( .995 ) gold.