IFSCA Broadens Bullion Import Access: SEZ Jewellery Units and Advance Licence Holders Now Eligible via IIBX
The International Financial Services Centres Authority has introduced significant modifications to the regulatory framework that governs precious metal imports through the India International Bullion Exchange. Through a circular released on 2nd January 2026, the regulator has expanded market participation by enabling additional categories of entities to access international bullion markets while simultaneously reinforcing compliance standards.
Expansion of Market Participation
The Authority's latest directive represents a substantive shift in its approach toward bullion import eligibility. Following extensive stakeholder engagement and careful consideration of industry representations, the regulatory body has determined that broadening access to the IIBX platform serves both market development objectives and operational efficiency goals.
Inclusion of Special Economic Zone Units
Under the revised framework, Special Economic Zone units that possess valid Letters of Approval and list jewellery export among their sanctioned activities now qualify to import precious metals through the IIBX platform. This recognition of SEZ jewellery manufacturers acknowledges their unique position within India's export ecosystem and their specific operational requirements.
The inclusion criteria for these SEZ entities have been carefully calibrated to ensure genuine export-oriented operations participate in the bullion import mechanism. These units must demonstrate consistent engagement in jewellery-related activities through prescribed turnover thresholds and maintain adequate financial strength to support their import operations.
Entry for Advance Authorisation Holders
The circular introduces a parallel channel for entities possessing Advance Authorisation issued by the Directorate General of Foreign Trade. This category of importers, traditionally operating under duty exemption schemes for export promotion, can now leverage the IIBX infrastructure for their precious metal procurement needs.
The Authority has imposed specific operational boundaries on this category to ensure alignment between import activities and export obligations. These restrictions serve to maintain the integrity of the Advance Authorisation scheme while expanding the utility of the IIBX platform.
Clarification on Silver Bar Imports
A noteworthy clarification emerges regarding silver bar imports under ITC (HS) Code 71069221. The Authority has explicitly stated that entities seeking to import silver bars falling under this classification need not obtain Qualified Jeweller notification from IFSCA. The sole prerequisite for such imports remains a valid Importer Exporter Code Certificate issued by DGFT.
This simplification removes an administrative layer that previously created uncertainty among market participants interested solely in silver bar transactions. The clarification distinguishes silver bar imports from gold imports and jewellery-grade precious metal imports, each of which may carry different regulatory implications.
Revised Eligibility Framework
The amended circular introduces a nuanced approach to eligibility assessment, recognizing that different categories of importers operate under varying business models and financial structures.
Modified Net Worth Requirements
The baseline net worth requirement has been established at INR 15 crore, as evidenced through the entity's most recent audited annual financial statements or audited/unaudited/reviewed quarterly or half-yearly financial statements. This threshold applies to standard Qualified Jeweller applicants seeking notification from the Authority.
However, recognizing the operational realities of SEZ units engaged in jewellery exports, the Authority has prescribed a reduced net worth threshold of INR 5 crore for this specific category. This differential treatment acknowledges that SEZ units may operate with different capital structures while maintaining robust export performance.