**Executive Summary**
This circular, issued by the International Financial Services Centres Authority (IFSCA) on January 2nd, 2026, amends the "Consolidated Circular" regarding the import of gold or silver by qualified jewellers and valid India-UAE CEPA Tariff Rate Quota (TRQ) holders through the India International Bullion Exchange (IIBX). It relaxes eligibility criteria for SEZ units and Advance Authorisation holders and clarifies certain requirements for importing silver bars. The circular comes into effect immediately.
**Key Points / Main Content**
* **Eligibility Criteria Relaxation:**
* SEZ units with a valid Letter of Approval and jewellery export as an authorized operation are now eligible for relaxed import criteria.
* Advance Authorisation holders are also eligible for relaxed criteria.
* **Import of Silver Bars:**
* Clarifies that entities importing silver bars under ITC (HS) Code 71069221 through IIBX are not required to be notified by IFSCA as Qualified Jewellers.
* **Amendment to Consolidated Circular:**
* Explanation added to Clause 2 of Chapter-I: Entities importing under ITC(HS) Code 71069221 do not need to apply for Qualified Jeweller status.
* Proviso added after sub-clause c) of Clause 3 of Chapter-I: SEZ units must submit a certificate from a practicing accountant/secretary stating that 35% of annual turnover in the last three financial years and the current year is from goods falling under ITS(HS) codes 7113, 7114, and 7118.
* Sub-clause d) of Clause 3 of Chapter-I substituted: Entities must submit a certificate stating a minimum net worth of INR 15 crore.
* Sub-clause e) of Clause 3 of Chapter-I substituted: Advance Authorisation holders are eligible to apply to get notified by the IFSCA as a Qualified Jeweller.
* Clause 4 of Chapter-I omitted.
* Clause 5 of Chapter-I substituted: Qualified Jewellers must maintain the minimum applicable net worth reviewed by the IIBX on a half-yearly basis. SEZ units must have an annual export turnover of INR 5 crore in goods falling under ITC (HS) Code 7113.
* A new Clause 5A inserted: IIBX shall suspend the participation of Qualified Jewellers failing to meet eligibility criteria until they are fulfilled again.
* Clause 6 of Chapter-I substituted: Notification remains valid unless denotified or participation is suspended for six months.
* Sub-clause k) of Clause 7 of Chapter-I omitted.
* Chapter-IIA added: Details import of gold or silver through IIBX by entities holding Advance Authorisation.
* A new Clause 21A inserted: Vault Manager shall ensure that gold or silver is directly delivered to premises within an SEZ, following customs clearance.
* **Import by Advance Authorisation Holders:**
* Qualified Jewellers notified based on sub-clause e) to Clause 3 can participate on IIBX only through a Bullion Trading Member.
* Imports must fall under ITC(HS) codes mentioned in the Advance Authorisation.
* Imports through IIBX must be for export purposes as per the Advance Authorisation Condition Sheet.
**Impact Analysis**
**SEZ Units with Jewelry Export Operations**
* **Impact:** Relaxed eligibility criteria for importing gold or silver through IIBX.
* **Action Required:** Submit a certificate from a practicing accountant/secretary stating that 35% of annual turnover requirements are met as specified in the circular
**Advance Authorisation Holders**
* **Impact:** Eligible to apply through IIBX to get notified by the IFSCA as a Qualified Jeweller.
* **Action Required:** Can now apply for Qualified Jeweller status through IIBX.
**Qualified Jewellers**
* **Impact:** Must maintain minimum net worth and adhere to continuous compliance requirements; facing potential suspension from IIBX if eligibility criteria are not met.
* **Action Required:** Continuously comply with the eligibility criteria and maintain the required net worth.
**IIBX**
* **Impact:** Responsible for reviewing the net worth of Qualified Jewellers and suspending participation if eligibility criteria are not met.
* **Action Required:** Monitor and review the net worth of Qualified Jewellers on a half-yearly basis and suspend participation if necessary.
**Vault Managers**
* **Impact:** Increased responsibility for ensuring proper delivery of imported gold and silver to SEZ premises.
* **Action Required:** Ensure that gold or silver imported by SEZ Units is directly delivered to their premises within the SEZ following customs clearance.
Key Entities Referenced
International Financial Services Centres Authority (IFSCA): The regulator issuing the circular, responsible for developing and regulating financial services in International Financial Services Centres (IFSCs) in India.
India International Bullion Exchange (IIBX): The exchange through which eligible entities can import gold or silver, subject to certain conditions and regulations outlined in the circular.
Special Economic Zone (SEZ): Designated area within a country with special economic regulations that differ from those prevailing in the rest of the country, relevant because SEZ units holding a valid Letter of Approval and having export of jewellery as one of their authorised operations can import gold or silver through IIBX.
Consolidated Circular: Referenced circular of IFSCA being amended by this circular regarding the import of gold or silver by Qualified Jewellers and valid India-UAE CEPA Tariff Rate Quota (TRQ) holders through IIBX.
Advance Authorisation: A scheme allowing duty-free import of inputs required for export production, relevant in the context of entities holding Advance Authorisation being able to import gold or silver through IIBX.
CIRCULAR
INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY
IFSCA-PMTS/10/2023-Precious Metals/2026/1 2nd January, 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
Enabling eligible SEZ Units and Advance Authorisation holders to import gold or
silver through IIBX
Ref: Amendment to Circular on Import of Gold or Silver by Qualified Jewellers and
valid India-UAE CEPA TRQ holders through IIBX
Reference may be drawn to the IFSCA’s Circular dated 10th October 2025 (hereafter
referred to as ‘Consolidated Circular’) titled “Import of gold or silver by Qualified
Jewellers and valid India-UAE CEPA Tariff Rate Quota (TRQ) Holders through India
International Bullion Exchange (IIBX)”.
2. Based on the representations received and consultations held with stakeholders, it
has now been decided to:
a) relax the eligibility criteria for import of gold or silver through IIBX by the
following:
(i) Special Economic Zone (SEZ) units, holding valid Letter of Approval and
having export of jewellery as one of their authorised operations; and
(ii) Advance Authorisation holders;
Page 1 of 6b) clarify that for undertaking imports of silver bars under the ITC (HS) Code
71069221 through IIBX, an entity shall not be required to be notified by IFSCA as
a Qualified Jeweller.
3. To operationalize the above, the Authority hereby amends the Consolidated
Circular, as under:
a) In Clause 2 of Chapter-I of the Consolidated Circular, after the words “ITC
(HS) Code 71069221 through IIBX”, the following Explanation shall be
inserted, namely: -
“Explanation. - For the removal of doubts, it is clarified that an entity
importing under the ITC(HS) Code 71069221 shall not be required to apply
for being notified as a ‘Qualified Jeweller’ for undertaking such imports
through the IIBX.”
b) After sub-clause c) of Clause 3 of Chapter- I of the Consolidated Circular, the
following proviso shall be inserted, namely: -
“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 ITS(HS) codes 7113,
7114 and 7118 under Chapter 71 of ITC(HS); and”
c) Sub-clause d) of Clause 3 of Chapter -I of the Consolidated Circular shall be
substituted as under, namely: -
“The entity 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
Page 2 of 6per its latest audited annual financial statements or audited / unaudited /
reviewed quarterly/half-yearly financial statements.
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.”
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.
d) Sub-clause e) of Clause 3 of Chapter-I of the Consolidated Circular shall be
substituted as under, namely: -
“e) Notwithstanding the eligibility criteria specified in this Clause, an entity
holding a valid Advance Authorisation issued by the DGFT shall be eligible to
apply, through IIBX, to get notified by the IFSCA as a Qualified Jeweller.”
e) Clause 4 of Chapter-I of the Consolidated Circular shall stand omitted.
f) Clause 5 of Chapter-I of the Consolidated Circular shall be substituted as
under, namely: -
“5. Continuous Compliance requirements:
a) A Qualified Jeweller shall maintain the minimum applicable net
Page 3 of 6worth specified under sub-clauses c) and 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.”
g) After Clause 5 of Chapter-I of the Consolidated Circular, the following shall
be inserted, namely: -
“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 eligibility criteria
are fulfilled again.”
h) Clause 6 of Chapter-I of the Consolidated Circular, shall be substituted as
under, namely: -
“Unless otherwise specified, the notification of an entity as a Qualified
Jeweller shall remain valid unless the same is denotified either on an
application made by such entity or its participation remains suspended for a
continuous period of 6 months.”
i) Sub-clause k) of Clause 7 of Chapter-I of the Consolidated Circular shall
stand omitted.
j) After Chapter-II of the Consolidated Circular, the following Chapter shall be
inserted, namely: -
Page 4 of 6CHAPTER-IIA
Import of gold or silver through IIBX by entities holding Advance
Authorisation
18A. The provisions contained in Clauses 11, 12, 13 and 14 shall, mutatis
mutandis, also apply to an entity holding Advance Authorisation issued by
the DGFT and notified or to be notified by the IFSCA as a Qualified Jeweller.”
18B. The Qualified Jeweller notified based on eligibility criteria specified in
sub-clause e) to Clause 3, shall be permitted to participate on IIBX, only
through a Bullion Trading Member, subject to the following conditions:
a) It shall import gold or silver falling under only those ITC(HS) codes
that are mentioned in the Advance Authorisation issued to it; and
b) It shall undertake imports through IIBX only for the purposes of
export of items mentioned in such Advance Authorisation, in
compliance with the Condition Sheet forming part of such
Authorisation.”
k) After Clause 21 of Chapter IV of the Consolidated Circular, the following
Clause shall be inserted, namely:
“21A. In cases where gold or silver is being imported through IIBX by an SEZ
Unit notified as a Qualified Jeweller on the basis of the eligibility criteria
specified in provisos to sub-clauses c) and d) of Clause 3, the Vault Manager
shall ensure that such gold or silver, following customs clearance, is directly
delivered to premises, located within an SEZ, of such Qualified Jeweller, in
accordance with the applicable procedures of such SEZ.
4. This Circular is issued in exercise of the powers conferred under Sections 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, and shall come into force with immediate effect.
Page 5 of 65. It is informed that various Circulars issued by the Authority on import of gold or silver
by eligible entities including Qualified Jewellers and valid India-UAE CEPA TRQ
holders through IIBX have been compiled and issued as a Consolidated Circular.
The updated Consolidated Circular, incorporating the amendments made through
this Circular, is being issued separately.
6. A copy of this Circular is available on the website of International Financial Services
Centres Authority at www.ifsca.gov.in at “Legal →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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