IFSCA Relaxes Eligibility Norms for Qualified Jewellers Importing Bullion Through IIBX

Circular No. IFSCA-PMTS/10/2023-Precious Metals/2026/2, Dated: 15.06.2026

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 conditions applicable to Qualified Jewellers.

The amendments are aimed at widening participation, simplifying eligibility requirements and aligning the framework with recent changes introduced under the 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 engaged in the gems and jewellery sector to access bullion imports through IIBX.

2. RCMC Holders Eligible to Apply as Qualified Jewellers

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 change broadens the pool of entities eligible to participate in bullion imports through the exchange.

3. Alignment With DGFT Notifications on Silver Imports

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

The amendments ensure consistency between the IIBX framework and the revised import policy conditions governing precious metals.

4. Objective of the Amendments

The revised eligibility norms seek to:

• Enhance participation in the IIBX ecosystem;
• Facilitate easier access to bullion imports;
• Promote the growth of the gems and jewellery sector;
• Improve ease of doing business for eligible entities; and
• Align regulatory requirements with recent trade policy changes.

5. Expected Impact

The relaxation of eligibility conditions is expected to expand the number of entities qualifying for direct bullion imports through IIBX, particularly among SEZ units and GJEPC-registered jewellers. The move is likely to strengthen the role of IIBX as a key platform for bullion trading and imports while supporting the development of India’s precious metals market.

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