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RiddiSiddhi Bullions Ltd launches RSBL SPOT
RSBL is the only company that gets the credit for starting trading in Indian rupees that acts as an online bullion trading platform for jewellers, wholesalers, jewellery manufacturers, hedgers and investors, which is crucial for jewellers in India
LEADING BULLION trading company, RiddiSiddhi Bullions (RSBL) has launched India’s first electronic over-the-counter spot trading platform (RSBL SPOT – Spot Precious-metals Online Trading) in country.

RSBL is the only company that owns the credit to start such spot trading in bullion in Indian rupees that will act as an online bullion trading platform for jewellers, wholesalers, jewellery manufacturers, hedgers and investors.

The e-trading platform RSBL SPOT is providing trading facility without the involvement of any intermediaries. RSBL SPOT is currently trading with contracts of 100 gm (.999) and one kg (.995) gold, and 30 kg silver (.999) with delivery centers in Mumbai, Ahmedabad, Hyderabad, Vijayawada and Coimbatore.

The trading platform does not have any account opening charges, trading commissions or terminal usage charges. SPOT can be used on a low internet speed and has inbuilt accounting statements along with news, mailbox and alerts.

After receiving an overwhelming response from Mumbai, Ahmedabad, Hyderabad and Vijayawada; and after achieving sky high volumes from the above mentioned four centres, RiddiSiddhi Bullions Ltd is moving towards expanding its business thus, starting SPOT trading in rest of country where gold requirement is very high for manufacturing, investment and fashion.

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

Within five months of its launch, RSBL SPOT has 300+ registered clients and has recorded overwhelming volumes, outperforming combined volumes of all gold Exchange Traded Funds (ETFs) in India.

RSBL SPOT recorded total volume of 6,000 kgs and has recorded volume of 2,300 kgs already for the month of August. Outperforming combined volume of 3093.033 kgs of all gold ETF in India said Samir Shah, vice president, RSBL SPOT. It also made a mark by hitting sales of 250 kgs in a day on August 5, 2008.

So with RSBL SPOT around a buyer does not have to keep calling for the rates. He just needs to register, log in, click and buy… it’s that simple.

To sum up, RSBL SPOT is first of its kind electronic trading platform in India with a distinction of giving physical delivery of precious metal. It provides real time price updates with charting and accounting modules, which is very crucial for jewellers, who did not have a reliable source for Indian spot prices.
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