Import of Gold or Silver by Qualified Jewellers and India-UAE CEPA TRQ Holders through IIBX

INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY

IFSCA-PMTS/10/2023-Precious Metals/2026/2 | 10th October, 2025 (Updated as on 2nd January, 2026)

To

Bullion Exchange in the International Financial Services Centre (IFSC) Bullion Clearing Corporation in the IFSC Bullion Depository in the IFSC Bullion intermediaries in the IFSC Vault Managers in the IFSC All market participants on the Bullion Exchange in the IFSC

Dear Sir/Madam

Import of gold or silver by Qualified Jewellers and valid India-UAE CEPA TRQ holders through IIBX

Attention is invited to the IFSCA’s Circular dated 10th October 2025 (hereafter referred to as ‘Consolidated Circular’) in respect of Import of gold or silver by Qualified Jewellers and valid India-UAE CEPA Tariff Rate Quota (TRQ) Holders through IIBX.

2. Based on the representations received and consultations held with stakeholders, vide IFSCA Circular dated 2nd January 2026, among other things:

a) the eligibility criteria for import of gold or silver through IIBX for the following entities was relaxed: (i) Special Economic Zone (SEZ) units, holding valid Letter of Approval and having export of jewellery as one of their authorised operations; and (ii) Advance Authorisation holders;

b) it was clarified that for undertaking imports of silver bars under the ITC (HS) Code 71069221 through IIBX, an entity shall not be required to be notified by IFSCA as a Qualified Jeweller.

3. The instructions issued by IFSCA, vide abovementioned Consolidated Circular dated 10th October 2025 and Circular dated 2nd January 2026, on import of gold or silver by eligible entities including Qualified Jewellers and valid India-UAE CEPA TRQ holders through IIBX have been further compiled and issued in this Consolidated Circular.

4. This Circular is issued in exercise of the powers conferred under Section 12 and 13 of the International Financial Services Centres Authority Act, 2019 read with Regulation 78 of the International Financial Services Centres Authority (Bullion Market) Regulations, 2025.

A copy of this Circular is available on the website of International Financial Services Centres Authority at www.ifsca.gov.in at “Legal Framework →Circulars”.

Yours faithfully

(Ramaneesh Goyal) Deputy General Manager Market Regulation Division Department of Metals and Commodities email: ramaneesh.goyal@ifsca.gov.in Tel: +91 79 6180 9886

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CIRCULAR

Import of gold or silver through IIBX

CHAPTER – I Eligibility and other requirements

1. Directorate General of Foreign Trade (DGFT), vide its Notification No. 49/2015-2020 dated 5th January, 2022, and Notification No. 35/2023 dated 11th October, 2023 read with its Notification No. 08/2025-26 dated 19th May, 2025 has, inter alia, specified that Qualified Jeweller(s) as notified by IFSCA will be permitted to import gold under the ITC(HS) Codes 71081210, 71081290 and 71189000, and silver under the ITC(HS) Codes 71069120 and 71069290, respectively, through the IIBX.

2. In terms of the extant Foreign Trade Policy notified by the Central Government, import of silver bars under ITC(HS) Codes 71069221 and 71069229 is free, subject to the Reserve Bank of India (RBI) Regulations. 1[Any entity having a valid Importer Exporter Code (IEC) Certificate issued by DGFT shall be eligible to import silver bars under the ITC(HS) Code 71069221 through the IIBX, without the requirement of being notified as a Qualified Jeweller.]

3. In this context, any entity fulfilling the conditions specified herein shall be eligible to apply for being notified as ‘Qualified Jeweller(s)’. Such entity shall apply through IIBX for getting notified as a Qualified Jeweller, and only after its notification as such by the IFSCA, shall be permitted to transact on IIBX as clients of Bullion Trading Members or as ‘Special Category’ clients, for the purpose of importing gold or silver under abovementioned ITC(HS) codes:

a) The entity shall be engaged in the business of goods falling under ITS(HS) codes 7106, 7108, 7113, 7114 and 7118 under Chapter 71 of ITC(HS);

b) The entity must have filed due GST returns up to the preceding month/quarter, as applicable, prior to making an application to the IIBX;

c) A certificate must be submitted by the entity, duly attested by a practicing chartered accountant or a practicing cost accountant or a practicing company secretary, stating that: i. 60% of annual turnover in each of the last three financial years and the current financial year until the date of making the application, or ii. 90% of annual turnover in the previous entire financial year and the current financial year until the date of making the application. are through dealing in goods falling under ITS(HS) codes 7106, 7108, 7113, 7114 and 7118 under Chapter 71 of ITC(HS);

2[Provided that in case such entity is an SEZ unit holding a valid Letter of Approval and having export of jewellery as one of its authorised operations, it shall submit a Certificate, duly attested by a practicing chartered accountant or a practicing cost accountant or a practicing company secretary, stating that 35% of annual turnover in each of the last three financial years and the current financial year until the date of making the application is through dealing in goods falling under ITS(HS) codes 7113, 7114 and 7118 under Chapter 71 of ITC(HS); and]

d) 3[The entity shall submit a certificate, duly attested by a practicing chartered accountant or a practicing cost accountant or a practicing company secretary, stating that the entity has a minimum net worth of INR 15 crore as per its latest audited annual financial statements or audited / unaudited / reviewed quarterly/half-yearly financial statements.

Provided that in case such entity is an SEZ unit holding a valid Letter of Approval and having export of jewellery as one of its authorised operations, it shall have a minimum net worth of INR 5 crore as per its latest audited annual financial statements or audited/unaudited/reviewed quarterly/half-yearly financial statements and an annual export turnover of at least INR 5 crore in goods falling under ITC (HS) Code 7113 during each of the last three financial years.

Explanation. - For the purpose of Clause 3(d) above, the ‘net worth’ shall mean as follows: "Net Worth" means the aggregate value of the paid-up share capital (or capital contribution) and all reserves created out of the profits, securities premium account and debit or credit balance of profit and loss account, after deducting the aggregate value of the accumulated losses, deferred expenditure and miscellaneous expenditure not written off, as per the balance sheet, but does not include reserves created out of revaluation of assets, write-back of depreciation and amalgamation.]

e) 4[Notwithstanding the eligibility criteria specified in this Clause, an entity holding a valid Advance Authorisation issued by the DGFT shall be eligible to apply, through IIBX, to get notified by the IFSCA as a Qualified Jeweller.

4. 5[Omitted]

5. 6[Continuous compliance requirements: (a) A Qualified Jeweller shall maintain the minimum applicable net worth specified under sub-clause d) of Clause 3 at all times and the maintenance of such net worth shall be reviewed by the IIBX on a half-yearly basis.

(b) A Qualified Jeweller that is an SEZ unit holding a valid Letter of Approval and having export of jewellery as one of its authorised operations shall have an annual export turnover of at least INR 5 crore, in goods falling under ITC (HS) Code 7113, during each financial year throughout the subsistence of its notification as a Qualified Jeweller.