OVERVIEW
- The IFSCA, through its Circular dated 15 June 2026, revised the regulatory framework governing the import of gold and silver through the India International Bullion Exchange (“IIBX”) by Qualified Jewellers and eligible holders of tariff-rate quotas under the India–UAE Comprehensive Economic Partnership Agreement (“CEPA”).
- The amendments are intended to enhance transparency, facilitate access to bullion for jewellery exports and simplify the eligibility framework for Special Economic Zone (“SEZ”) units.
- The primary objective of this amendment is to provide easier, more direct, and highly transparent access to bullion for the purpose of exporting jewellery. By broadening the scope of eligible exporters who can import bullion through the IIBX, the IFSCA aims to strengthen India’s position in the global jewellery market.
- The amendment follows representations received and consultations held with stakeholders, with the explicit objective of providing easier and more transparent access to bullion for the purpose of jewellery exports.
REMOVAL OF THE NET WORTH BARRIER
- A key change introduced by the amendment is the relaxation of the eligibility requirements for SEZ units applying for recognition as Qualified Jewellers.
- Earlier, an SEZ unit holding a valid Letter of Approval (“LoA”), with jewellery exports included among its authorised operations, was also required to meet a prescribed minimum net worth threshold.
- IFSCA has now removed this net worth requirement entirely for such applicants, thereby simplifying access to Qualified Jeweller status.
- This reform broadens access to Qualified Jeweller status by removing a financial threshold that could exclude smaller and mid-sized SEZ jewellery exporters despite genuine bullion sourcing needs. It enables a wider segment of India’s gem and jewellery export sector to participate in the IIBX ecosystem.
EXPANDED ELIGIBILITY FOR GJEPC RCMC HOLDERS
- IFSCA has also expanded eligibility by allowing entities holding a valid Registration-cum-Membership Certificate (“RCMC”) issued by the Gem & Jewellery Export Promotion Council (“GJEPC”) to apply for Qualified Jeweller status.
- Since the GJEPC RCMC is a recognised industry credential, its inclusion enables a broader range of genuine jewellery exporters to establish their eligibility without undergoing separate or duplicative qualification tests.
- The amendment further recognises entities holding a valid Advance Authorisation issued by the Directorate General of Foreign Trade (“DGFT”) as eligible to apply for Qualified Jeweller status through IIBX.
- Accordingly, applicants may now qualify through any of three routes: SEZ unit status without a net worth requirement, a valid GJEPC RCMC, or a valid DGFT Advance Authorisation.
CLARIFIED APPLICABILITY OF THE TURNOVER CERTIFICATE
- The amendment also clarifies the scope of the turnover-certification requirement applicable to SEZ-unit applicants. An SEZ unit holding a valid LOA and authorised to export jewellery must submit a certificate attested by a practising chartered accountant, cost accountant or company secretary confirming that:
- at least 35% of its annual turnover in each of the preceding three financial years, and in the current financial year to date, is derived from goods covered under ITC (HS) Codes 7113, 7114 and 7118; and
- at least ₹5 crore of its annual export turnover in each of the preceding three financial years is derived from goods covered under ITC (HS) Code 7113.
- The amendment makes clear that this proviso applies specifically to SEZ-unit applicants, thereby limiting the requirement to the intended category.
CONCLUSION
- The amendment is expected to deepen GIFT City’s bullion ecosystem by bringing a wider range of jewellery exporters within the IIBX framework.
- Easier access for eligible SEZ units, GJEPC RCMC holders and DGFT Advance Authorisation holders can improve market participation, liquidity and transaction volumes on the exchange.
- At the same time, alignment with DGFT requirements preserves regulatory discipline. This strengthens GIFT City’s role as a competitive and credible international centre for bullion trading, financing and related financial services.
