Major Changes in Gold & Silver Import Rules via IIBX – What Jewellers Need to Know in 2026

 

Major Changes in Gold & Silver Import Rules via IIBX – What Jewellers Need to Know in 2026

The International Financial Services Centres Authority (IFSCA) has released an updated consolidated circular on 15 June 2026, introducing significant changes to the import of gold and silver through the India International Bullion Exchange (IIBX). These changes aim to make bullion imports more accessible, transparent, and efficient for jewellers, exporters, and bullion traders across India.

This move is expected to have a major impact on the bullion ecosystem, especially for SEZ units, exporters, and qualified jewellers.

What is IIBX?

India International Bullion Exchange (IIBX) is India’s dedicated bullion exchange located in GIFT City, Gujarat. It allows eligible participants to directly import gold and silver in a regulated and transparent environment.

The platform was introduced to reduce dependency on traditional import channels and improve pricing efficiency.

Key Changes in the Latest Circular

1. Net Worth Requirement Removed for SEZ Units

One of the biggest changes is that SEZ units involved in jewellery exports no longer need to maintain a minimum net worth to qualify for importing gold or silver through IIBX. This opens doors for many smaller exporters.

2. RCMC Holders Are Now Eligible

Businesses holding a valid Registration-cum-Membership Certificate (RCMC) from the Gem & Jewellery Export Promotion Council (GJEPC) can now apply to become Qualified Jewellers. This broadens participation significantly.

3. New Restrictions on Silver Imports

The Directorate General of Foreign Trade (DGFT) has restricted imports under certain silver ITC(HS) codes, especially 71069110, 71069120, and 71069221. This means stricter compliance and authorization will now be required.

Who Can Import Through IIBX?

Under the revised framework, the following can import:

• Qualified Jewellers notified by IFSCA

• SEZ units with valid Letter of Approval

• India-UAE CEPA TRQ holders

• Advance Authorization holders

• GJEPC RCMC holders

This is a major expansion from previous regulations.

How Does the Process Work?

To import through IIBX:

• Apply via IIBX for Qualified Jeweller status

• Submit GST compliance documents

• Submit turnover proof certified by CA/CS/CMA

• Complete KYC verification

• Get approval from IFSCA

• Start buying Bullion Depository Receipts (BDRs) for imports

Important: Importers can only place buy orders. Selling is not permitted on IIBX for import purposes.

Benefits for Bullion Traders and Jewellers

Better Price Transparency

Since transactions happen on an exchange, price discovery becomes more transparent.

Faster Imports

A more structured system reduces delays in procurement.

Reduced Dependency on Traditional Banks

Advance remittance and BDR systems simplify fund flow.

Better Access for Smaller Exporters

The removal of net worth barriers is a major positive for growing businesses.

India-UAE CEPA Advantage

The circular also strengthens imports under the India-UAE CEPA framework, allowing TRQ holders to import UAE Good Delivery Gold (UAEGD Gold) through IIBX. This could reduce import costs under preferential trade agreements.

Compliance Is Critical

The new framework includes:

• AML compliance

• KYC obligations

• Fit and proper criteria

• Daily reconciliation

• 11-day remittance utilization rule

Failure to comply can lead to suspension.

Final Thoughts

The latest IFSCA update marks a major shift in India’s bullion import system. By making IIBX more accessible and simplifying eligibility, the government is pushing for greater formalization in bullion trade.

For jewellers, exporters, and bullion businesses, this is an opportunity to optimize imports, reduce costs, and improve transparency.

If your business deals in gold or silver, understanding these changes and adapting quickly could provide a strong competitive advantage in 2026 and beyond.