India Gold Metaverse (IGM) has appointed Nirakar Chand as Managing Director of BullionX, its technology-driven vertical for modern bullion trading. Chand, who spent 16 years as CEO of Diamond India, a nominated agency authorised to import and distribute bullion, brings extensive experience in the sector.
BullionX is a digital ecosystem that provides real-time spot and futures pricing, one-click trade execution, order management, and market intelligence. Its users include institutional traders, bullion dealers, and large jewellery firms.
Chand’s background
Earlier in his career, Chand spent 22 years at State Bank of India, including six years in the bank’s bullion division and 16 years in corporate finance, investment banking, and general management. At Diamond India, he oversaw support for more than 1,200 small and mid-sized bullion exporters across the country.
In his new role, Chand will lead growth initiatives, industry engagement, and nationwide market development for BullionX. He described IGM’s plan as “exceptionally visionary and timely,” aimed at transforming the gold industry through transparency, digital access, and strong institutional infrastructure.
IGM’s broader strategy
Lamon Rutten, Managing Director and CEO of IGM, said Chand’s deep domain expertise and relationships across the bullion value chain would provide “tremendous impetus” to IGM’s objectives. The company’s central theme is ‘Gold is Technology’, and it focuses on formalising traditional markets for consumers, jewellers, institutional investors, and banks.
Recently, IGM completed a select angel placement round that valued the company at Rs 2,500 crore. The appointment comes as the gold market in India continues to modernise, with growing demand for transparent, technology-enabled trading platforms. You can track the live gold price to see how broader market movements influence the industry.
Key takeaways
- Nirakar Chand, former CEO of Diamond India and ex-SBI executive, is appointed MD of BullionX
- BullionX is a technology platform offering spot/futures pricing and trade execution for institutional users
- IGM completed a recent angel placement valuing the company at Rs 2,500 crore
- The company aims to modernise India’s gold market through digital infrastructure and transparency
Common questions
What is BullionX?
BullionX is a technology-enabled ecosystem developed by India Gold Metaverse that delivers real-time pricing, order management, and market intelligence for bullion trading. It serves institutional traders, dealers, and jewellers.
Who is Nirakar Chand?
Chand is a veteran of the bullion and banking sectors, having served 16 years as CEO of Diamond India and 22 years at State Bank of India, including six in the bank’s bullion division.
This appointment signals continued investment in digital infrastructure for India’s gold market, as platforms like BullionX attempt to bring formalisation and efficiency to a traditionally fragmented sector.