Gold and silver import through IIBX: IFSCA widens who can be notified as a Qualified Jeweller — DGFT authorisation holders and GJEPC members can apply
IFSCA has relaxed the eligibility for being notified as a Qualified Jeweller for importing gold or silver through IIBX. Holders of a valid DGFT Advance Authorisation, a valid GJEPC Registration-cum-Membership Certificate, or a DGFT authorisation for specific ITC (HS) codes can now apply through IIBX. They must trade through a Bullion Trading Member and import only the authorised items.
Key facts
- In force
- Immediate effect — circular dated 22 September 2026
- Who it affects
- Jewellers and gem and jewellery exporters holding DGFT Advance Authorisation, GJEPC RCMC or DGFT import authorisation; IIBX, Bullion Trading Members, bullion clearing corporation, depository and vault managers
- What it is
- Relief
- Section
- FEMA & RBI
- Published
- 22 September 2026
In 30 seconds
- Circular IFSCA-PMTS/10/2023-Precious Metals/2026/5 is dated 22 September 2026 and is in force with immediate effect.
- It amends the Consolidated Circular of 10 October 2025 on import of gold or silver by Qualified Jewellers and India-UAE CEPA TRQ holders through IIBX.
- A new Clause 3A lists three classes of entities that can apply through IIBX to be notified as a Qualified Jeweller.
- Sub-clause (e) of Clause 3 of Chapter I of the Consolidated Circular is omitted.
- Such Qualified Jewellers can participate on IIBX only through a Bullion Trading Member.
- Imports are limited to the ITC (HS) codes in the authorisation and, for Advance Authorisation holders, to export of the items mentioned in it.
हिंदी में सार
IFSCA ने 22 सितंबर 2026 के परिपत्र से IIBX के ज़रिए सोना-चाँदी आयात के लिए Qualified Jeweller बनने की पात्रता बढ़ा दी है। अब DGFT का वैध Advance Authorisation रखने वाले, GJEPC का वैध RCMC रखने वाले और विशिष्ट ITC (HS) कोड के लिए DGFT authorisation रखने वाले IIBX के माध्यम से आवेदन कर सकते हैं। ऐसे Qualified Jeweller सिर्फ़ Bullion Trading Member के ज़रिए और सिर्फ़ अधिकृत वस्तुओं का ही आयात कर सकेंगे। परिपत्र तुरंत प्रभाव से लागू है।
What has changed
By a circular dated 22 September 2026, the International Financial Services Centres Authority has amended its Consolidated Circular dated 10 October 2025 on “Import of gold or silver by Qualified Jewellers and valid India-UAE CEPA TRQ holders through IIBX” (last updated on 15 June 2026).
The Authority says that, on the basis of representations and consultations with stakeholders, and to facilitate seamless and timely import of gold or silver through the IIBX, the eligibility criteria for being notified as a Qualified Jeweller are relaxed for entities that hold a DGFT authorisation for import of items under specific relevant ITC (HS) codes. A Qualified Jeweller notified on this basis can import through the IIBX only the items for which DGFT has specifically authorised it.
Who can now apply
A new Clause 3A is inserted in Chapter I of the Consolidated Circular. Notwithstanding the eligibility criteria in Clause 3, the following can apply through IIBX to be notified by IFSCA as a Qualified Jeweller:
| No. | Entity |
|---|---|
| (i) | Entities holding a valid Advance Authorisation issued by the DGFT |
| (ii) | Entities holding a valid Registration-cum-Membership Certificate (RCMC) issued by the Gem & Jewellery Export Promotion Council (GJEPC) |
| (iii) | Entities holding Authorisation by the DGFT for import of items under specific relevant ITC (HS) codes |
The conditions that go with it
- Sub-clause (e) of Clause 3 of Chapter I is omitted.
- Chapter IIA is re-titled “Import of gold or silver by entities specified in Clause 3A”.
- Clauses 11, 12, 13 and 14 of the Consolidated Circular apply, with the necessary changes, to Clause 3A entities notified or to be notified as Qualified Jewellers (substituted Clause 18A).
- Under the substituted Clause 18B, a Qualified Jeweller notified on the Clause 3A criteria can participate on IIBX only through a Bullion Trading Member, and:
- can import gold or silver falling only under the ITC (HS) codes mentioned in the authorisation issued to it, wherever applicable; and
- can import through IIBX only for the purposes of export of the items mentioned in the Advance Authorisation, wherever applicable.
Legal basis and commencement
The circular is issued under sections 12 and 13 of the IFSCA Act, 2019 read with regulation 78 of the IFSCA (Bullion Market) Regulations, 2025, and comes into force with immediate effect. It is addressed to the Bullion Exchange, Bullion Clearing Corporation, Bullion Depository, bullion intermediaries, vault managers and all market participants on the Bullion Exchange in the IFSC.
IFSCA adds that an updated Consolidated Circular, incorporating these amendments, is being issued separately.
What jewellers and exporters should do
An entity in any of the three classes that wants to import through the exchange should apply through IIBX for notification as a Qualified Jeweller, tie up with a Bullion Trading Member, and keep its imports within the ITC (HS) codes and the export purpose stated in its DGFT authorisation. For the full set of conditions, read the updated Consolidated Circular once issued.
Questions and answers
Who can now apply to be notified as a Qualified Jeweller for imports through IIBX?
Under the new Clause 3A: entities holding a valid Advance Authorisation issued by the DGFT, entities holding a valid Registration-cum-Membership Certificate issued by GJEPC, and entities holding a DGFT authorisation for import of items under specific relevant ITC (HS) codes. The application is made through IIBX.
Can such a Qualified Jeweller trade directly on IIBX?
No. A Qualified Jeweller notified on the basis of Clause 3A is permitted to participate on IIBX only through a Bullion Trading Member.
What can be imported under this route?
Only gold or silver falling under the ITC (HS) codes mentioned in the authorisation issued to the entity, wherever applicable; and, for Advance Authorisation holders, only for the purposes of export of the items mentioned in the Advance Authorisation.
From when does the amendment apply?
With immediate effect from the date of the circular, 22 September 2026. IFSCA has said an updated Consolidated Circular incorporating the amendments is being issued separately.
Published 22 September 2026. Updated 11 October 2026. This report is for general information and is not professional advice. Read the source document before acting on it.