India Gold Metaverse (IGM) has appointed Nirakar Chand, former CEO of Diamond India Ltd., as Managing Director of its bullion market division, BullionX. The move comes as IGM continues to develop digital infrastructure aimed at transforming India’s gold and precious metals markets.
Chand brings nearly 40 years of industry experience to the role. He spent 22 years with State Bank of India, including six years focused on bullion and another 16 years across corporate finance, investment banking and general management. He later served as CEO of Diamond India Ltd. for 16 years, working with a network that supported more than 1,200 small and mid-sized exporters.
As Managing Director of BullionX, Chand will oversee business growth, industry engagement and nationwide market expansion. The platform provides institutional traders, bullion dealers and large jewellers with real-time spot and futures prices, one-click trading, order management tools and market intelligence.
BullionX forms one of the four technology pillars of IGM’s ecosystem, alongside Elanzia, RamMudra and GoldSense. According to IGM, the ecosystem is built around its “One Nation, One Market, One Price” vision, leveraging blockchain, artificial intelligence and financial-market technology to address fragmented pricing and accelerate digital adoption across the gold industry.
IGM recently completed an angel placement round, valuing the company at ₹2,500 crore.
Commenting on his appointment, Chand said that he was pleased to join IGM and described its vision for bringing greater transparency, digital accessibility and institutional infrastructure to the gold industry. He added that he looks forward to working with the company’s management and industry partners to develop a trusted and inclusive bullion ecosystem.
Lamon Rutten, Managing Director & CEO of IGM, said Chand’s extensive bullion-market experience, industry relationships and operational expertise would strengthen the company’s leadership team. He added that Chand’s strategic direction would support IGM’s efforts to develop a world-class market infrastructure for the gold industry.