• MINDEX ecosystem will create multi-commodity spot and derivatives platforms, clearing house, secure vault storage, gold refinery and digitalised assets, with operations going live in Q4 2018
  • Project has been targeted and facilitated by the by Economic Development Board (EDB) of Mauritius for the setting up of the exchange in Mauritius.
  • Financial Services Commission of Mauritius (FSC) has approved the application in principle to allow the set up of the derivatives exchange and advanced real-time central counterparty (CCP) clearing house and will provide ongoing regulatory oversight
  • Direct injection of USD $35M into the Mauritian Economy with 512 new jobs estimated to be created over 2 years
  • MINDEX will serve as an aggregation point for all the ethically sourced gold coming out of Africa
  • Reputation of Mauritius as a sophisticated and innovative regional International Financial Centre (IFC) and major trading centre to be enhanced


Mauritius 25 June 2018. GMEX Group (GMEX), a global provider of multi-asset exchange trading, post trade business solutions and technology is pleased to announce it will launch a Mauritius based International Derivatives and Commodities Exchange (MINDEX) ecosystem.

The setting up of a MINDEX ecosystem was initially an initiative first announced in the National Budget 2016/2017, and the GMEX-led private sector consortium has been targeted and facilitated by the Economic Development Board of Mauritius (EDB) to set up the Exchange in Mauritius.

MINDEX Holdings Ltd was formed in 2017 with the consortium of sponsoring companies including GMEX and Five Rings Commodities SA, a leading independent gold trading house based in Luxembourg. The initiative is also supported by the Department for International Trade and the Foreign and Commonwealth Office of the UK Government, with GMEX Group being headquartered in London, UK.

MINDEX will initially focus on gold and will incorporate a full ecosystem, from the mine to the consumer, incorporating ethical physical mining supply, set up of a world class refinery, trusted secure vault storage, recycling, an Over-the-Counter (OTC) electronic spot trading venue, an electronic derivatives exchange and an advanced real-time central counterparty (CCP) clearing house to be set up to the highest CPSS-IOSCO standards. The derivatives exchange and CCP will be subject to ongoing regulatory oversight by the Financial Services Commission of Mauritius (FSC).

MINDEX operations are expected to commence in Q4 2018. The objective is for the exchange to become a hub for African trade to include:

  • Digitalised gold buying and selling on exchange based firmly on physical assets underpinned by Blockchain technology;
  • Gold pre-financing, digitalised borrowing and lending against electronic receipts;
  • Highly secure digital and physical gold settlement and custody;
  • Derivative contracts on gold and subsequently other precious metals, FX and agricultural products.

The economic benefits of MINDEX will be a direct injection of USD $35M into the Mauritian Economy with 512 new jobs estimated to be created over 2 years of which 104 will be direct jobs and 408 will be secondary jobs providing ancillary services. The total cumulative trade volume over the next 5 years is estimated to be x2.27 the gross GDP of Mauritius. After 5 years, the volume of transactions traded on the MINDEX Exchange is expected to nearly match the GDP of Mauritius as USD $30.3Bn is projected to be traded over a five year period. It could result in $18.3M of additional tax revenue for Mauritius over 5 years.

Hirander Misra, CEO of GMEX Group and Chairman of MINDEX commented:
“The MINDEX ecosystem will become a trusted hub for ethically sourced gold from Africa, which will lead to job creation, GDP growth and International Financial Centre (IFC) development not only in Mauritius but also result in increased local investment, cheaper access to finance, more output, additional tax revenues and an increase in export income for African gold origination countries.

He added, “This will result in an increase in national GDP and act as the catalyst to develop interlinked financial centres across Sub-Saharan Africa resulting in increased inter-Africa trade and internationalisation.”

Charles Cartier, Chairman of the Economic Development Board commented:
“The setting up of the MINDEX ecosystem in Mauritius will deepen the depth and breadth of our offering in the capital markets segment.

It will not only fill in the current vacuum that exists in the derivatives area, but it will also provide international investors with sophisticated instruments for hedging risks, such as currency and foreign exchange, when investing in the African Continent.

MINDEX is in line with the Government’s vision of encouraging higher value-added services in the Mauritius International Financial Centre (IFC), notably for mitigating risks and enhancing efficiency for investments in Africa and other emerging markets.”

The British High Commissioner to Mauritius, H.E Keith Allan said:
“Mauritius and the UK have a long history of trade and investment. The Department for International Trade and the Foreign and Commonwealth Office are delighted to support the launch of the MINDEX project from GMEX Group. The MINDEX project will create a significant amount of jobs both in Mauritius and the UK. In addition to the initial investment, GMEX plans for the further expansion and development of the information technology and financial intermediation sectors will enhance the Mauritian economy over the next 10-20 years and provide a real boost to Mauritius’ growing reputation as a regional financial centre.

The UK services sector is hugely successful and is in high demand in Mauritius and around the world. This latest initiative will strengthen our existing bilateral trade relationship and ensure that UK-Mauritius trade and investment continues to be successful, innovative, and dynamic.”

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Media Contacts

Samantha Seewoosurrun
Acuitas Communications
(+230) 5772 4400

Notes to Editors

Extract from National Budget 2016/2017 presented on 29 July 2016 delivered by the Hon. Pravind Jugnauth MP (then Minister for Finance and Economic Development)
““…we are opening our country to gold business that will encompass a wide spectrum of high value-added activities, ranging from refinery of gold, producing gold bars, setting up top end jewellery processing units, vault facilities and to trading of gold and bullions on our new commodity exchange. The exchange will also facilitate trade in diamond and other precious metals.”

About MINDEX Holdings Limited

  • MINDEX Holdings Limited – The holding company for the MINDEX ecosystem
  • MINDEX Clearing Limited – Will operate as the central counterparty (CCP) clearing house regulated by the Mauritius Financial Services Commission (FSC) to clear all trades executed on MINDEX Limited.
  • MINDEX Limited – Will operate a multi-asset Derivatives Exchange regulated by the Mauritius Financial Services Commission (FSC).
  • MINDEX Spot Limited – The forthcoming marketplace for the electronic trading of standardised physical and digital spot commodity contracts for gold, precious metals and other commodities. (To be incorporated)
  • MINDEX Vault Limited –The proposed secured storage depository solution for gold and other precious metals. (To be incorporated)
  • MINDEX Refinery Limited – The proposed world class smelting, refining and recovery of gold and other precious metals to the highest standards. (To be incorporated)

For more information visit www.mindex.mu or follow us on Twitter @MindexHoldings

About GMEX Group Limited

GMEX Group is a set of companies that offer sustainable and innovative solutions for a new era of global financial markets by being a global provider of innovative multi-asset exchange trading and post trade business solutions and technology ecosystems.

Providing business expertise, the latest technology, connectivity and operational excellence delivered through an aligned partnership driven approach. We use our extensive market infrastructure experience and expertise to create an appropriate strategic master plan with exchanges, clearing houses, depositories, registries and warehouse receipt platforms.
Our key business solutions enable the creation and operation of cost effective electronic exchanges and post trade infrastructure in multiple asset classes including equities, debt, FX, derivatives, commodities, cryptocurrencies and digital assets. We operate in both developing and developed markets through the establishment of cohesive business and technology ecosystems. GMEX offers the added benefit of interconnection to multiple partner exchanges, to create global networks of liquidity.

The GMEX Market Advancement Programme (MAP) is all about partnerships and creating an ecosystem with exchanges and post trade market infrastructure operators to deliver centralised, decentralised & hybrid solutions in a collaborative fashion.

For more information visit www.gmex-group.com or follow us on Twitter @GMEX_Group

About Five Rings Commodities SA

  • Founded in 2012, an Domiciled in Luxembourg
  • Five Rings has differentiated themselves by a business approach based on capability build up, partnerships and innovative trading structures. The company’s focus resides in volume trading of ethical and ‘green’ precious metals sourced through off-take and spot transactions
  • The intention of Five Rings is to evolve into a leading independent gold trading house, by growing on the back of an expanding global footprint, infrastructure investments and significant added value
  • Five Rings combines local market insight with international positioning and has become a reference point of reliability and a partner of choice with producers and customers
  • Five Rings’ expertise in logistics and financing is coupled to an ability to assemble all types of deals, anywhere in the world. They offer a range of services including:
    • Trading physical doré gold and bullion
    • Financing & hedging
    • Refining & assaying
    • Secure storage
    • Worldwide secure deliveries

Please see this case study for more information.