IGM appoints ex-CEO of Diamond India as MD of BullionX

With nearly four decades of experience, he brings a strong understanding of bullion markets and the broader precious metals ecosystem, providing valuable industry insight and strategic vision that will further strengthen IGM’s position in the market.

In his new role, Chand will lead growth initiatives, industry engagement, and nationwide market development at BullionX, which provides real-time spot and futures pricing, one-click buy/sell execution, comprehensive order management, and integrated market intelligence for institutional traders, bullion dealers, and large jewellers.

“I am delighted to join IGM, which has laid out an exceptionally visionary and timely blueprint to revolutionise the gold industry through transparency, digital accessibility, and robust institutional infrastructure," said Nirakar Chand, Managing Director – Bullion Market, IGM.

Welcoming him to the leadership team, IGM MD and CEO Lamon Rutten said: “With his vast experience in the bullion market, Mr. Chand will be an invaluable addition to the IGM executive team. His profound domain expertise, deep-rooted relationships across the bullion industry, and operational mastery will provide tremendous impetus to IGM’s objectives."

Prior to joining IGM, he was CEO for 16 years at Diamond India Ltd, a prominent nominated agency authorised for import and distribution of bullion, which mainly supported over 1,200 small and mid-sized exporters across the country.

Earlier in his career, Mr. Chand had spent 22 years at State Bank of India (SBI) — 6 years in Bullion and 16 years in Corporate Finance, Investment Banking and general management.

This key leadership appointment comes at a pivotal juncture as IGM accelerates its mission to build India’s first integrated digital infrastructure to formalise and redefine the nation’s gold and precious metals economy through an inclusive business model to empower the industry and participants.

Working on the IGM theme of ‘One Nation, One Market, One Price’, this inclusive market model provides a one-shot dashboard of demand/supply using an all-open API for online and offline bid & ask and offers many more features, including Gold TV as well as an Academy.

The key leadership appointment comes at a pivotal juncture as IGM accelerates its mission to build India’s first integrated digital infrastructure to formalise and redefine the nation’s gold and precious metals economy through an inclusive business model to empower the industry and participants.

Working on the IGM theme of ‘One Nation, One Market, One Price’, this inclusive market model provides a one-shot dashboard of demand/supply using an all-open API for online and offline bid & ask and offers many more features, including Gold TV as well as an Academy.

IGM combines blockchain, artificial intelligence, and cutting-edge financial market technologies across four proprietary pillars -Elanzia, RamMudra, GoldSense, and BullionX.

With Indian households holding an estimated 25,000 tonnes of gold valued at approximately $2.4 trillion, IGM addresses the structural challenges of a largely unorganised market by bridging trust deficits, fragmented pricing, and limited digital adoption.

IGM is dedicated to formalising traditional markets and unlocking value for consumers, jewellers, institutional investors, and banks across India in the gold value system on the central theme of ‘Gold is Technology’.

Recently, IGM concluded a very select Angel placement round, valuing the company at Rs 2,500 crore.