IFSCA circular · 22 Sept 2026
Page 1 of 16 INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY IFSCA-PMTS/10/2023-Precious Metals/2026/6 10th October, 2025 (Updated as on 2nd January 2026) (Updated as on 15th June 2026) (Updated as on 22nd September 2026) To Bullion Exchange in the International Financial Services Centre (IFSC) Bullion Clearing Corp…
INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY
IFSCA-PMTS/10/2023-Precious Metals/2026/6 10th October, 2025 (Updated as on 2nd January 2026) (Updated as on 15th June 2026) (Updated as on 22nd September 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’), amended from time to time, in respect of Import of gold or silver by Qualified Jewellers and valid India-UAE CEPA Tariff Rate Quota (TRQ) Holders through IIBX.
Based on the representations received and consultations held with the stakeholders, the eligibility criteria for getting notified as a Qualified Jeweller has been relaxed for entities that have been issued Authorisation by the DGFT for import of items under specific relevant ITC (HS) codes, vide IFSCA Circular dated 22nd September 2026.
The instructions issued by IFSCA, vide abovementioned Consolidated Circular, amended through Circulars dated 2nd January 2026, 15th June 2026, and 22nd September 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.
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
CIRCULAR
Import of gold or silver through IIBX
CHAPTER – I Eligibility and other requirements
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 71069110, 71069120 and 71069290, respectively, through the IIBX.
^1[In terms of the DGFT Notification No. 17/2026-27 dated 16th May 2026, the import of silver bars under the ITC(HS) Code 71069221 is restricted, subject to Policy Condition No. 7 of Chapter 71 of ITC(HS) based Import Policy. Any SEZ unit holding a valid Letter of Approval and having export of jewellery as one of its authorised operations 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.]
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 ITC(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:
^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 at least 35% of its annual turnover in each of the preceding three financial years and the current financial year until the date of making the application is through dealing in goods falling under ITC(HS) codes 7113, 7114 and 7118 under Chapter 71 of ITC(HS), and that at least INR 5 crore of its annual export turnover during each of the preceding three financial years is through goods falling under ITC(HS) Code 7113;]
d) ^3[An entity, other than an SEZ unit holding a valid Letter of Approval and having export of jewellery as one of its authorised operations,] 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.
^4[Omitted]
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) ^5 ^6[Omitted]
^73A. Notwithstanding the eligibility criteria specified in Clause 3, the following entities shall be eligible to apply, through IIBX, to get notified by the IFSCA as a Qualified Jeweller:
^8[Omitted]
^9[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.
(c) A Qualified Jeweller shall be required to satisfy the eligibility criteria mentioned in Clause 3 on a continual basis throughout the subsistence of its notification as Qualified Jeweller.
^10[5A. In case a notified Qualified Jeweller fails to satisfy any of the applicable eligibility criteria on an ongoing basis, IIBX shall suspend the participation of such Qualified Jeweller from transacting on IIBX until such criteria are fulfilled again.]
^11[Unless otherwise specified, the notification of an entity as a Qualified Jeweller shall remain valid unless the same is de-notified either on an application made by such entity or its participation remains suspended for a continuous period of 6 months.]
The detailed process to be followed for obtaining notification as a Qualified Jeweller is provided as under:
a) A Qualified Jeweller can either participate as a client of a Bullion Trading Member or as a ‘Special Category’ client:
Provided that a Qualified Jeweller seeking to participate as a ‘Special Category’ client on IIBX shall be either a company incorporated under the Companies Act, 2013 or any preceding company law, or a Limited Liability Partnership formed and registered under the Limited Liability Partnership Act,
b) An entity (the Applicant) seeking to be notified as a Qualified Jeweller shall be required to submit a duly filled application to IIBX along with the requisite supporting documents, and applicable fees, if any.
c) The option to participate as a client of Bullion Trading Member or as ‘Special Category’ client, if eligible, shall be communicated by the applicant to IIBX at the time of submitting its application for notification as a Qualified Jeweller.
d) IIBX shall scrutinize the application to verify the fulfilment of the eligibility criteria by the applicant. IIBX may seek additional documents, wherever considered necessary, including clarifications, from the applicant.
e) IIBX shall formulate the Standard Operating Procedures (SOPs) for the onboarding of entities as clients of trading members or as ‘Special Category’ clients. The SOPs shall, inter alia, include KYC procedures and such other requirements as may be considered necessary.
f) Upon verification, IIBX shall forward the application and the related documents to IFSCA along with its recommendations.
g) IFSCA, upon its satisfaction, shall notify the entity as a Qualified Jeweller by issuing a letter to it, under intimation to IIBX. IFSCA shall also publish the duly updated list of the notified Qualified Jeweller(s) on its website (www.ifsca.gov.in).
h) An applicant shall be considered for notification as a Qualified Jeweller only if it qualifies as a “fit and proper person”.
i) Subsequent to its notification as such, IIBX shall ensure the Qualified Jeweller continues to comply with the ‘fit and proper person’ criteria at all times for its notification to remain active.
j) For the purpose of determining as to whether any person is a ‘fit and proper person’, the IFSCA or IIBX may take into account any criteria as it deems fit, including but not limited to the following:
For the purposes of this clause, the ‘fit and proper person’ criteria shall apply to the applicant, the Qualified Jeweller, its directors or managing partners, and its promoters or shareholders holding more than ten percent or more voting rights.
k) ^12[Omitted]
l) It is clarified that Qualified Jeweller(s) that have already been notified by IFSCA in terms of its Circulars dated 19th January, 2022, 5th August, 2022 and 11th December, 2023 for the purpose of import of gold under ITC (HS) Code 71081200 and 71189000, and import of silver under ITC(HS) Code 71069110, 71069290 and 71069220 shall be deemed to have been notified for the purpose of import under ITC(HS) Codes 71081210, 71081290, 71069120, 71069221 and 71069229 as well.
^13[8A. In terms of DGFT Notification No. 19/2026-27 dated 2nd June 2026, import of silver under the ITC(HS) Codes 71069110 and 71069120 shall be permitted only against a valid Import Authorisation issued by the DGFT.]
CHAPTER - II Import of UAEGD Gold by valid India-UAE CEPA TRQ holders
With a view to facilitating the participation on the India International Bullion Exchange (IIBX) for import of UAE Good Delivery (UAEGD) Gold under the India- UAE CEPA, it has been decided that the valid holders of India - UAE Tariff Rate Quota (TRQ) licence / authorisation as allotted by the DGFT shall be eligible to apply for being notified as ‘valid India-UAE CEPA TRQ holders’ by the IFSCA, for the purpose of such imports.
After being notified by the IFSCA, such valid India-UAE CEPA TRQ holders shall be permitted to participate on IIBX, through Bullion Trading Members, for transacting in (‘buying’ only) UAEGD gold for import under the India-UAE CEPA, subject to the quota, and other applicable terms and conditions.
Upon notification as a valid India-UAE CEPA TRQ holder by IFSCA, an entity remains a valid India-UAE CEPA TRQ holder eligible to undertake such imports through the IIBX for the duration of the TRQ licence / authorisation’s validity, unless surrendered or revoked, subject to adherence to the conditions as may be specified from time to time by the IFSCA and IIBX.
IFSCA’s notification of an entity as a valid India-UAE CEPA TRQ holder shall remain valid for the subsequent financial year(s) as well, subject to the following conditions:
^1 Substituted vide Circular dated 15th June 2026. Prior to substitution, it read as under: “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. 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.”
^2 Proviso originally inserted vide Circular dated 2nd January 2026 has been substituted vide Circular dated 15th June 2026. Prior to substitution, it read as under: “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 ITC(HS) codes 7113, 7114 and 7118 under Chapter 71 of ITC(HS); and”
^3 Substituted vide Circular dated 15th June 2026, for the words “The entity”.
^4 Omitted vide Circular dated 15th June 2026. Prior to omission, it read as under: “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.”
^6 Omitted vide Circular dated 22nd September 2026. Prior to omission, it read as under: “^5Notwithstanding the eligibility criteria specified in this Clause, an entity holding a valid Advance Authorisation issued by the DGFT or a valid Registration-cum-Membership Certificate (RCMC) issued by The Gem & Jewellery Export Promotion Council (GJEPC) shall be eligible to apply, through IIBX, to get notified by the IFSCA as Qualified Jeweller.”
^7 Inserted vide Circular dated 22nd September 2026.
^8 Omitted vide Circular dated 2nd January 2026. Prior to omission, it read as under: “The entity shall maintain the minimum net worth specified above at all times and the same shall be reviewed by IIBX on a half-yearly basis.”
^9 Substituted vide Circular dated 2nd January 2026. Prior to substitution, it read as under: “In case of net worth falling below the minimum requirements, IIBX shall suspend the participation of the entity from transacting on IIBX, till the net worth is restored to the minimum required level.”
^10 Inserted vide Circular dated 2nd January 2026.
^11 Substituted vide Circular dated 2nd January 2026. Prior to its substitution, it read as under: “The IFSCA, upon its satisfaction, may revoke the notification of the entity as a Qualified Jeweller based on the recommendation of the IIBX in this regard.”
^12 Omitted vide Circular dated 2nd January 2026. Prior to omission, it read as under: “The notification of the entities as Qualified Jeweller(s) shall be valid unless revoked for non-compliance with the conditions specified in this Circular.”
^13 Inserted vide Circular dated 15th June 2026.
IIBX, prior to granting permission to an already notified valid India-UAE CEPA TRQ holder to import UAEGD gold under the India-UAE CEPA through it, shall ensure that such holder submits to it a copy of the newly issued TRQ licence / authorisation as issued by DGFT, which shall then be forwarded to the IFSCA.
Qualified Jewellers that hold valid TRQ licence / authorisation under the India-UAE CEPA shall also be permitted to import UAEGD gold through IIBX under the India-UAE CEPA. Such Qualified Jewellers shall not be required to apply separately for being notified as ‘valid India-UAE CEPA TRQ holders’ by the IFSCA.
IIBX, in co-ordination with Bullion Depository [India International Depository (IFSC) Ltd.] (IIDIL), shall specify the SOPs for the process of onboarding the valid India-UAE CEPA TRQ holders.
The import by valid India-UAE CEPA TRQ holders through IIBX, under the India-UAE CEPA, shall be in accordance with the TRQ Scheme governed by the applicable guidelines and Handbook of Procedures, under the extant Foreign Trade Policy, notified by DGFT and Customs on import of gold through IIBX.
Valid India-UAE CEPA TRQ holders shall ensure that they undertake the import of UAEGD gold through IIBX, including the remittance of funds for the purpose, in compliance with the provisions of the ‘Master Direction – Import of Goods and Services’ and other relevant Circulars/Guidelines/Notifications issued by the RBI from time to time regarding the import of gold.
