US financial services firm StoneX Group is set to significantly expand its footprint in the burgeoning Indian market with a two-pronged strategy focused on both financial services and technological capability.
The company plans to launch a dedicated precious metals trading desk in India in early 2026, marking a major commitment to servicing the country’s substantial demand and role in the global gold and silver markets.
This move is a clear indication of StoneX’s strategic focus on diversifying its geographical presence and capitalizing on high-growth economies.
By establishing a local trading operation, the firm aims to provide more direct and efficient access to its global network and liquidity pools for Indian bullion dealers, jewellers, and financial institutions.
Furthermore, Greg Kallinikos, chief executive for Asia Pacific at StoneX was quoted in a Reuters report, stating that the firm is embarking on a considerable expansion of its technology workforce in India.
Investments in India’s tech workforce
StoneX intends to boost its tech hiring by as much as 20% annually for the next three years.
This significant investment in human capital is crucial for supporting the company’s global technology infrastructure, digital transformation initiatives, and the development of new trading and risk management platforms.
The increased hiring will solidify India’s position as a vital technology and innovation hub within the broader StoneX global operational framework.
StoneX, a major financial services organization that provides sophisticated trading and execution services across a diverse range of asset classes, including commodities, securities, and foreign exchange (forex), has significantly deepened its commitment to the Indian precious metals market.
For two decades, the firm has been an established participant in the Indian gold market, primarily facilitating imports through established international hubs like Dubai and through India’s domestic International Financial Services Centre (IFSC), GIFT City.
This long-standing import business provided essential liquidity and physical metal to the market.
However, the establishment of a dedicated local trading desk marks a pivotal strategic shift for StoneX.
The establishment of this local desk is expected to enable StoneX to engage more directly with Indian refiners, bullion dealers, and jewellers, providing more localised and faster execution services, risk management solutions, and access to domestic rupee-denominated trade flows, thereby expanding its influence and service offering beyond the traditional role of a pure importer.
StoneX plans to establish a desk primarily focused on serving Indian jewellers, as well as scrap and recycling businesses.
The company will hire operations and compliance teams in Mumbai and Bengaluru, including specialists in anti-money laundering, according to Kallinikos, who spoke in an interview with Reuters.
Commitments and Asia Pacific growth outlook
Furthermore, StoneX intends to introduce financial derivatives in India eventually.
Kallinikos stated that although the Asia Pacific region currently accounts for around 20% of StoneX’s profit, India has the potential to match the entire region’s contribution within ten years once the full range of services is launched there.
StoneX maintains global capability centers in Pune and Bengaluru, employing over 600 personnel across various functions, including cybersecurity and software development.
The company’s future recruitment strategy will concentrate on developing an integrated trading application for equities, bullion, and commodities, as well as advancing automation efforts.
Kallinikos stated that the company’s expansion into India was a long-held aspiration, made possible by an enlarged technological presence and enhanced grasp of the local environment.
This move is driven by long-term strategic objectives, not recent fluctuations in the prices of gold and silver.
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