IFSCA Relaxes Qualified Jeweller Norms for Bullion Imports Through IIBX

The International Financial Services Centres Authority (IFSCA) has amended the framework governing the import of gold and silver through the India International Bullion Exchange (IIBX) by relaxing the eligibility criteria applicable to Qualified Jewellers.

The amendments are aimed at broadening participation in the IIBX ecosystem and aligning the framework with recent changes in India’s foreign trade policy.

1. Minimum Net Worth Requirement Removed for SEZ Units

Under the revised framework, the minimum net worth requirement applicable to eligible Special Economic Zone (SEZ) units has been removed.

This relaxation is expected to enable a larger number of SEZ-based entities to qualify for bullion imports through IIBX.

2. RCMC Holders Eligible for Qualified Jeweller Status

The amendments now permit entities holding a valid:

Registration-cum-Membership Certificate (RCMC)

issued by the:

Gem & Jewellery Export Promotion Council (GJEPC)

to apply for recognition as a Qualified Jeweller under the IIBX framework.

This expands the pool of entities eligible to directly import bullion through the exchange.

3. Alignment With DGFT Notifications on Silver Imports

IFSCA has also aligned the framework with recent DGFT notifications relating to the import of silver.

The amendments incorporate changes concerning specified ITC (HS) codes applicable to silver imports, ensuring consistency between the IIBX framework and the prevailing import policy conditions.

4. Objective of the Amendments

The revised framework seeks to:

• Facilitate greater participation in bullion imports through IIBX;
• Simplify eligibility requirements for Qualified Jewellers;
• Promote ease of doing business in the gems and jewellery sector;
• Align regulatory requirements with recent DGFT policy changes; and
• Strengthen India’s bullion trading ecosystem.

5. Expected Impact

The relaxation of eligibility norms is expected to widen access to bullion imports through IIBX, particularly for SEZ units and GJEPC-registered jewellers. The amendments are likely to enhance market participation, improve operational flexibility and support the continued development of IIBX as a key platform for bullion imports and trading.