- Early market presence in Dubai has built enduring credibility and strong relationships with regulators and banks
- Gift City leverages free trade benefits to create a seamless gateway for cross-border transactions into India
- Diversification beyond precious metals into broader commodities and digital financial products is driving sustainable growth
By capitalizing on its early footprint in the UAE and developing a strategic pathway via Gift City, StoneX is demonstrating how to leverage “boots on the ground” to bridge continents and create new opportunities in commodities and beyond.
Capitalizing on First-Mover Advantage
A key catalyst for StoneX’s expansion into India is Gift City, the nation’s first international financial services center. StoneX seized the opportunity to become the first full-time international member on the local exchange, unlocking the ability to import and distribute gold more seamlessly, avoiding traditional intermediaries, and streamlining the supply chain from Dubai to India.
“So would you go so far to say from, as a corridor between UAE and India, we are officially now the number one non-bank importer of gold into India?”
Philip Smith, StoneX Group Chief Executive
“Yes.”
Anshuman Sharma, StoneX Head of Precious Metals, MEA & India
By aligning itself with Gift City’s evolving regulatory framework, StoneX has secured a streamlined channel for gold distribution–one that is expected to expand to other commodities as the Indian market continues its liberalization journey.
The Role of Free Trade Zones & Gift City
India’s Comprehensive Economic Partnership Agreement (CEPA) with the UAE is strengthening this trade corridor, reducing tariffs on gold originating from Dubai-based refineries. The result is that qualified jewelers in India can now import gold more cost-effectively.
“They (Gift City) recognized the potential that we bring, and that’s why you represented StoneX at the round table with the Prime Minister of India—showcasing our commitment to the Gift City.”
Anshuman Sharma, StoneX Head of Precious Metals, MEA & India
This commitment extends beyond just precious metals; StoneX’s aim is to broaden its presence into other commodities, tapping into India’s vast and rapidly modernizing economy.
Building on Bilateral Trade & CEPA
India’s Comprehensive Economic Partnership Agreement (CEPA) with the UAE is strengthening this trade corridor, reducing tariffs on gold originating from Dubai-based refineries. The result is that qualified jewelers in India can now import gold more cost-effectively.
“They (Gift City) recognized the potential that we bring, and that’s why you represented StoneX at the round table with the Prime Minister of India—showcasing our commitment to the Gift City.”
Anshuman Sharma, StoneX Head of Precious Metals, MEA & India
This commitment extends beyond just precious metals; StoneX’s aim is to broaden its presence into other commodities, tapping into India’s vast and rapidly modernizing economy.
Expanding Beyond Precious Metals
While StoneX’s early success in precious metals remains a cornerstone for the company, the future lies in diversifying product offerings. The strategy now focuses on leveraging the existing infrastructure to broaden into other commodities and financial products.
“We’ve been instrumental (in Gift City), similar to what we did in the UAE—helping regulators and frameworks. We see that as just the start for other products and asset classes.”
Anshuman Sharma, StoneX Head of Precious Metals, MEA & India
This vision includes integrating digital platforms to provide seamless multi-asset trading experiences. By expanding its product suite, StoneX aims to serve a wider customer base—from large financial institutions to tech-savvy retail investors—thus driving cross-border growth and enhancing market liquidity.
Conclusion
StoneX’s strategic expansion from Dubai into India highlights how a committed local presence, combined with emerging free-trade opportunities, can bridge continents and unlock new markets. Early leadership in Dubai provided a trusted foundation, while Gift City and CEPA offered critical pathways into India’s thriving precious metals landscape. By building on these strong foundations and continuously diversifying its offerings, StoneX is poised to maintain influence in shaping the future of cross-border commerce between two of the world’s most dynamic markets.
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