IFSCA's June 2026 Amendment: Widening the Door to Bullion Trade Through GIFT City's IIBX

A detailed look at how IFSCA's latest amendment to the consolidated circular on gold and silver import reshapes Qualified Jeweller eligibility, aligns with new DGFT silver restrictions, and reinforces GIFT City's role as India's bullion trade gateway.

The Regulatory Context: GIFT City's Bullion Ambitions

Since the launch of the India International Bullion Exchange (IIBX) at GIFT City, the International Financial Services Centres Authority (IFSCA) has progressively built out the regulatory architecture governing how gold and silver enter India through this dedicated exchange. The framework centres on a category of market participant known as the Qualified Jeweller, an entity specifically notified by IFSCA as eligible to import bullion through IIBX, alongside valid India-UAE CEPA Tariff Rate Quota (TRQ) holders who benefit from preferential trade terms under the India-UAE Comprehensive Economic Partnership Agreement.

On 15th June 2026, IFSCA issued a fresh amendment Circular No. IFSCA-PMTS/10/2023-Precious Metals/2026/2 to the original circular dated 10th October 2025 governing this import framework. The amendment follows representations received and consultations held with stakeholders, with the explicit objective of providing easier and more transparent access to bullion for the purpose of jewellery exports.

The Headline Change: Net Worth Requirement Removed

The most consequential change in this amendment is the relaxation of eligibility criteria for SEZ units seeking Qualified Jeweller notification. Previously, an SEZ unit holding a valid Letter of Approval (LoA) and having export of jewellery as one of its authorised operations needed to satisfy a minimum net worth requirement to be notified as a Qualified Jeweller. IFSCA has now removed this net worth threshold entirely for this category of applicant.

This is a meaningful access-widening measure. Minimum net worth criteria, while intended to ensure financial stability among bullion importers, can disproportionately exclude smaller and mid-sized SEZ-based jewellery exporter entities that may have strong export performance and legitimate bullion sourcing needs but lack the balance sheet scale to satisfy a blanket net worth test. By removing this barrier specifically for SEZ units with valid jewellery-export authorisation, IFSCA has opened the Qualified Jeweller pathway to a broader segment of India's gem and jewellery export ecosystem, building on earlier IFSCA bullion ecosystem enhancements that also sought to reduce participation barriers.

With a view to providing easier and transparent access to bullion for export of jewellery, it has been decided to relax the eligibility criteria for notification of an SEZ unit... by removing the minimum net worth requirement specified in the Circular.

A New Door: GJEPC RCMC Holders

Alongside the net worth relaxation, IFSCA has broadened eligibility by recognising holders of a valid Registration-cum-Membership Certificate (RCMC) issued by The Gem & Jewellery Export Promotion Council (GJEPC) as eligible to seek Qualified Jeweller notification. The GJEPC RCMC is a widely held credential within India's gem and jewellery export industry, and its formal recognition under this circular substantially expands the pool of entities that can credibly demonstrate their standing as legitimate jewellery exporters without needing to separately satisfy other eligibility tests.

This sits alongside another notable addition: entities holding a valid Advance Authorisation issued by DGFT are now also explicitly eligible to apply through IIBX for Qualified Jeweller notification. Taken together, the amendment creates three parallel eligibility pathways: SEZ unit status (now without net worth constraint), GJEPC RCMC holding, or DGFT Advance Authorisation giving applicants flexibility based on which credential best fits their existing regulatory profile. For a complete overview of how ITC(HS) codes work within IIBX's import framework, the dedicated guide provides full technical detail.

Aligning with DGFT's New Silver Import Restrictions

The amendment does not operate in isolation from India's broader trade policy. The Directorate General of Foreign Trade (DGFT), through Notifications 17/2026-27 (dated 16th May 2026) and 19/2026-27 (dated 2nd June 2026), has restricted the import of three specific ITC(HS) codes: 71069110, 71069120, and 71069221, all relating to silver in various forms. IFSCA's amendment operationalises these DGFT restrictions within the IIBX framework. 

ITC(HS) Code	Item	Import Status (Post-Amendment)
71069110	Silver (unwrought)  specific form	Restricted; requires a valid DGFT Import Authorisation
71069120	Silver (semi-manufactured)  specific form	Restricted; requires a valid DGFT Import Authorisation
71069221	Silver bars	Restricted under Policy Condition No. 7; SEZ units (LoA + jewellery export) may import via IIBX without Qualified Jeweller status

Under the amended circular, silver bars falling under ITC(HS) Code 71069221 remain importable through IIBX by any SEZ unit holding a valid LoA with jewellery export as an authorised operation, and notably, such units can do so without needing to be separately notified as a Qualified Jeweller, subject to compliance with Policy Condition No. 7 of Chapter 71 of the ITC(HS) based Import Policy. Silver under codes 71069110 and 71069120, by contrast, now requires a valid Import Authorisation issued specifically by DGFT, a more restrictive pathway reflecting DGFT's policy stance on these particular silver forms.

The Turnover Certificate Proviso: Clarified Scope

The amendment also refines a previously existing compliance requirement. Where an SEZ unit (with valid LoA and jewellery export authorisation) seeks Qualified Jeweller status, it must submit a certificate duly attested by a practicing chartered accountant, cost accountant, or company secretary confirming that at least 35% of its annual turnover in each of the preceding three financial years (and the current year to date) derives from dealing in goods under ITC(HS) codes 7113, 7114, and 7118, and that at least ₹5 crore of annual export turnover in each of the preceding three years derives specifically from goods under ITC(HS) Code 7113. The amendment clarifies that this proviso applies specifically to SEZ-unit applicants, ensuring the compliance burden is correctly scoped to this category.

Strategic Significance for GIFT City

This amendment is best understood as part of IFSCA's ongoing effort to make IIBX a genuinely accessible and well-calibrated gateway for India's substantial bullion trade, estimated to be one of the largest in the world, given India's position as a leading gold and jewellery consuming and exporting nation. By removing unnecessary barriers (the net worth requirement) while simultaneously tightening alignment with national trade policy (the DGFT silver restrictions), IFSCA is demonstrating the kind of responsive, stakeholder-consultative regulatory approach that builds long-term credibility with bullion exchanges, clearing corporations, depositories, vault managers, and the broader trade community operating within GIFT City's bullion ecosystem. A separate, updated Consolidated Circular incorporating all these amendments is being issued by IFSCA to give market participants a single, authoritative reference point going forward.

DISCLAIMER: This article is published for informational, educational, and analytical purposes only. It does not constitute legal advice, regulatory guidance, trade compliance advice, or a solicitation of any kind.

All information in this article is based on IFSCA Circular No. IFSCA-PMTS/10/2023-Precious Metals/2026/2 dated 15th June 2026, issued under Sections 12 and 13 of the International Financial Services Centres Authority Act, 2019, read with Regulation 78 of the IFSCA (Bullion Market) Regulations, 2025. This circular amends the original Circular dated 10th October 2025 on import of gold or silver by Qualified Jewellers and valid India-UAE CEPA TRQ holders through IIBX, as previously updated on 2nd January 2026.

References to DGFT Notifications 17/2026-27 (dated 16th May 2026) and 19/2026-27 (dated 2nd June 2026) are based on information contained within the IFSCA circular. Readers should independently verify the full text of these DGFT notifications for complete details.

A separate, updated Consolidated Circular incorporating these amendments is being issued by IFSCA. Readers should refer to the official, most current Consolidated Circular available at www.ifsca.gov.in under Legal Framework → Circulars for authoritative and up-to-date compliance requirements.

Eligibility for Qualified Jeweller notification, import authorisation requirements, and applicable policy conditions may vary based on entity type, SEZ status, ITC(HS) classification, and other factors specific to each applicant. Entities are strongly

advised to consult qualified legal, customs, trade compliance, and tax professionals before undertaking any bullion import transaction through IIBX.

The publisher is not a law firm, customs broker, or IFSCA-regulated entity. Nothing in this article constitutes legal or regulatory advice