IFSCA’s Consolidated Framework for Import of Gold and Silver through IIBX

The International Financial Services Centres Authority has issued an updated consolidated circular bringing together, refining and liberalising the rules governing import of gold and silver through the India International Bullion Exchange (IIBX). The revised framework widens market access, especially for SEZ jewellery units and entities holding Advance Authorisation, while simultaneously tightening operational, compliance and surveillance standards to safeguard transparency and integrity in the bullion ecosystem within IFSC.

This consolidated circular, effective as updated on 2nd January, 2026, subsumes the earlier circular dated 10th October, 2025 and incorporates subsequent relaxations and clarifications. It has been issued under Section 12 and Section 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.

1. Background and Regulatory Context

IFSCA regulates the bullion ecosystem in the International Financial Services Centre, including the Bullion Exchange, Bullion Clearing Corporation, Bullion Depository, bullion intermediaries and vault managers. The India International Bullion Exchange (IIBX) provides an organised platform for import-related bullion transactions.

Key policy triggers behind this consolidated regulatory framework are:

  • Notifications issued by the Directorate General of Foreign Trade (DGFT), namely:
    • Notification No. 49/2015-2020 dated 5th January, 2022
    • Notification No. 35/2023 dated 11th October, 2023
    • Notification No. 08/2025-26 dated 19th May, 2025
  • Reserve Bank of India (RBI) circulars governing advance remittances and import of gold and silver through exchanges.
  • Stakeholder representations from market participants including jewellers, SEZ units, and trade bodies.

Based on these inputs, IFSCA has:

  • Expanded eligibility to SEZ units and Advance Authorisation holders.
  • Clarified that imports of silver bars under ITC(HS) 71069221 through IIBX are freely permitted to any IEC holder without the need to be a “Qualified Jeweller”.
  • Codified detailed ongoing compliance, fit and proper criteria and risk-management measures for entities using IIBX for imports.

2. Eligible Products and ITC(HS) Codes

Under the current DGFT framework, the following imports through IIBX are regulated via notification of “Qualified Jewellers” by IFSCA:

  • Gold under ITC(HS) Codes:
    • 71081210
    • 71081290
    • 71189000
  • Silver under ITC(HS) Codes:
    • 71069120
    • 71069290

Additionally:

  • Import of silver bars under ITC(HS) Codes 71069221 and 71069229 is free under the Foreign Trade Policy, subject to RBI regulations.
  • Specifically, any entity possessing a valid Importer Exporter Code (IEC) from DGFT may import silver bars under ITC(HS) 71069221 through IIBX without being notified as a Qualified Jeweller.

Note: Previously, only entities including Qualified Jewellers with IEC could import under 71069221; this has now been broadened to all IEC holders.

3. Concept of “Qualified Jeweller”

Only entities notified as “Qualified Jeweller(s)” by IFSCA may use the IIBX route to import gold and silver under the prescribed ITC(HS) codes (other than the specific relaxation for 71069221).

An assessee that meets the prescribed criteria must apply through IIBX for such notification. Upon successful notification, the entity can transact on IIBX either:

  • As a client of a Bullion Trading Member, or
  • As a ‘Special Category’ client, if it meets additional corporate form requirements.

3.1 Core Eligibility Conditions

An entity seeking notification as a Qualified Jeweller must:

  1. Business activity requirement
    Be engaged in the business of goods classifiable under the following ITC(HS) codes in Chapter 71:

    • 7106
    • 7108
    • 7113
    • 7114
    • 7118

  2. GST compliance
    Have filed all applicable GST returns up to the month/quarter immediately preceding the application date.

  3. Turnover composition
    Submit a certificate, attested by a practicing chartered accountant, cost accountant or company secretary, confirming that either:

    • At least 60% of the annual turnover in each of the preceding three financial years and during the current year to date, or
    • At least 90% of the annual turnover in the previous full financial year and during the current year to date,

    arises from dealing in goods under ITC(HS) 7106, 7108, 7113, 7114 and 7118.

  4. Special regime for SEZ jewellery export units
    Where the applicant is an SEZ unit with a valid Letter of Approval and jewellery exports as one of its authorised activities, the turnover test is relaxed. In such cases, a duly attested certificate must confirm that:

    • At least 35% of annual turnover in each of the last three financial years and in the current year so far
    • Is derived from dealings in goods under ITC(HS) 7113, 7114 and 7118.