IFSCA Revises Norms for Gold and Silver Imports via IIBX

Circular No. IFSCA-PMTS/10/2023-Precious Metals, Dated: 10.10.2025

1. Background

The International Financial Services Centres Authority (IFSCA) has issued a revised circular governing the import of gold and silver by Qualified Jewellers and Tariff Rate Quota (TRQ) holders under the India–UAE Comprehensive Economic Partnership Agreement (CEPA).

This circular has been issued under the IFSCA (Bullion Exchange) Regulations, 2020, and seeks to streamline procedures for importing bullion through the India International Bullion Exchange (IIBX).

2. Objective of the Circular

The revised framework aims to ensure transparency, standardisation, and ease of access for entities importing precious metals through the IIBX platform.

It also seeks to harmonise eligibility norms and consolidate earlier circulars into a single, comprehensive regulatory framework governing bullion imports in IFSCs.

3. Applicability

The provisions of this circular apply to:

• Qualified Jewellers (QJs) notified by IFSCA; and
• Valid TRQ holders under the India–UAE CEPA scheme.

Both categories are permitted to import gold and silver through the IIBX, subject to compliance with the revised eligibility and operational requirements.

4. Revised Eligibility Criteria for Qualified Jewellers

The circular revises and updates the eligibility conditions for entities seeking notification as Qualified Jewellers.

Key highlights include:

• Minimum net worth requirements and a proven track record in the jewellery business.
• Regulatory and tax compliance standards, including adherence to KYC and AML norms.
• Maintenance of operational presence in India, with appropriate financial and export credentials.
• Submission of documentation evidencing the source and end use of imported bullion.

These criteria aim to ensure that only financially sound and compliant jewellers participate in bullion imports via the IIBX.

5. Consolidation of Previous Circulars

The new circular supersedes and consolidates all previous circulars issued by IFSCA on the import of gold and silver through IIBX.

By integrating earlier directions into one comprehensive framework, IFSCA seeks to simplify compliance procedures and reduce regulatory fragmentation.

6. Effective Implementation

The revised framework is effective immediately.

All existing Qualified Jewellers and TRQ holders are required to align their operations and documentation with the updated provisions notified under this circular.

7. Key Takeaway

The revised circular provides a clear, unified, and transparent regulatory framework for bullion imports into IFSCs.

By redefining eligibility norms and consolidating earlier directives, IFSCA aims to strengthen India’s bullion market ecosystem and enhance the operational efficiency of the India International Bullion Exchange (IIBX).

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