On October 10, 2025, the International Financial Services Centres Authority (IFSCA) issued a comprehensive circular updating the guidelines for importing precious metals through the India International Bullion Exchange (IIBX) in GIFT City, Gujarat. The circular significantly broadens the eligibility criteria for Qualified Jewellers and clarifies the operational framework for TRQ (Tariff Rate Quota) holders under the India-UAE Comprehensive Economic Partnership Agreement (CEPA).
Expanded Access for Jewellers
One of the most impactful updates is the revised eligibility criteria for becoming a Qualified Jeweller. Previously, only a limited set of jewellers could transact on IIBX. Now, the IFSCA has widened the scope:
- Entities dealing in goods under Chapter 71 (precious metals and jewellery) can apply.
- Applicants must show at least ₹15 crore in net worth.
- Either 60% of their turnover in the past three years or 90% in the last year must come from jewellery-related goods.
- Only those compliant with GST returns and fit-and-proper criteria (no criminal or regulatory disqualifications) will be accepted.
This broader inclusion encourages more jewellers to import bullion directly through IIBX, increasing transparency and efficiency in the gold and silver supply chain.
Easier Gold Imports Under India-UAE CEPA
The circular also formalises the procedure for TRQ holders—entities authorised by the DGFT under the India-UAE CEPA—to import UAE Good Delivery (UAEGD) gold through IIBX.
Key highlights:
- Once notified by IFSCA, TRQ holders can import UAEGD gold within their allotted quota.
- These entities can access the bullion exchange through registered trading members.
- Valid TRQ status must be maintained annually by providing updated licenses to IIBX.
Importantly, if a Qualified Jeweller already holds a TRQ license, there’s no need for a separate application—they’re automatically eligible.
Simplified Advance Remittance and Purchase Rules
The circular aligns with RBI’s guidelines allowing advance remittance for bullion imports. IIBX will now issue an authenticated price document to support remittances through authorised dealer (AD) banks.
Additionally:
- Advance remittances must be utilised within 11 calendar days, or returned.
- Strict controls are in place to ensure these funds are only used for buying Bullion Depository Receipts (BDRs).
- Qualified Jewellers can’t place sell orders—only purchase BDRs for import.
Compliance and Oversight
As the bullion market evolves, compliance remains critical. The circular reaffirms adherence to AML/CFT norms and outlines ongoing monitoring by IIBX to ensure market integrity. IIBX will now submit monthly reports to IFSCA detailing transactions, imports, and participants.
Conclusion
This circular is a major regulatory step toward building a robust, transparent, and global-standard bullion market in India’s IFSC. By expanding access to more jewellers and simplifying the TRQ process, IFSCA is promoting formalisation, reducing dependency on grey markets, and increasing India’s competitiveness in the global bullion trade.