Import of Gold or Silver through IIBX
IFSCA circular IFSCA-PMTS/10/2023-Precious Metals/2026/2 · 15 Jun 2026
Official title
Updated Consolidated Circular - Import of Gold or Silver through IIBX
IFSCA circular IFSCA-PMTS/10/2023-Precious Metals/2026/2 · 15 Jun 2026
Official title
Updated Consolidated Circular - Import of Gold or Silver through IIBX
Summary
Check the official recordThis circular consolidates requirements for importing gold and silver through the India International Bullion Exchange (IIBX) by Qualified Jewellers and India-UAE CEPA TRQ holders. Key updates include the removal of minimum net worth requirements for SEZ units with valid Letters of Approval that export jewellery, and the expansion of eligibility for Qualified Jewellers to include holders of valid Registration-cum-Membership Certificates (RCMC) from the GJEPC. The circular outlines eligibility criteria, including turnover and GST compliance, and mandates continuous compliance with 'fit and proper' standards. It also details procedures for advance remittances, the purchase of Bullion Depository Receipts (BDRs), and specific operational requirements for SEZ units and TRQ holders to ensure regulatory compliance and market integrity.
What you must do
Key dates
Who is affected
Thresholds
Exceptions
If you do not comply
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INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY
IFSCA-PMTS/10/2023-Precious Metals/2026/2 10th October, 2025 (Updated as on 2nd January 2026) (Updated as on 15th June 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.
a) the requirement of having a minimum net worth for getting notified as a Qualified Jeweller for import of gold or silver through IIBX has been removed, in case such entity is an SEZ unit holding a valid Letter of Approval and having export of
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jewellery as one of its authorised operations, and b) the eligibility criteria for being notified as a Qualified Jeweller has been broadened to include holders of valid Registration-cum-Membership Certificate (RCMC) issued by The Gem & Jewellery Export Promotion Council (GJEPC).
Further, DGFT, vide its Notifications 17/2026-27 and 19/2026-27 dated 16th May 2026 and 2nd June 2026, respectively, has, among other things, restricted the import of ITC(HS) Codes 71069110, 71069120 and 71069221.
The instructions issued by IFSCA, vide abovementioned Consolidated Circular dated 10th October 2025, amended through Circulars dated 2nd January 2026 and 15th June 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 Tel: +91 79 6180 9886
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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
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.”
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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: i. at least 60% of annual turnover in each of the preceding three financial years and the current financial year until the date of making the application, or ii. at least 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 ITC(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 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;]
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”