Bullion Exchange set to aid India''s forex India is set to save billions of dollars in foreign currency over the years as the world’s biggest buyer of gold routes sizable annual imports through a dedicated bullion exchange Prime Minister Narendra Modi believes could help transform the country into the metal''s rightful market maker from a passive price taker. Costs could come down by as much as $50 a kilogram initially, people familiar with the matter told ET, as the Bullion Exchange (IIBX) at GIFT City becomes the favoured platform for gold consignments in a country where the yellow metal has beaten all competing asset classes as the traditional store of value.For every 100 tonnes worth of gold imports through the exchange, jewellers could save up to $5 million in forex by using the exchange platform instead of buying the metal from banks.Of course, with the exchange becoming the primary conduit, banks could lose primacy in this business, dealers said.If a jeweller places the order with a bank, it cannot reverse it without any penalty.