IFSCA Simplifies Imports of Gold and Silver via GIFT City’s India International Bullion Exchange (IIBX)

India’s bullion market is stepping into a new era of transparency, ease, and international integration. The International Financial Services Centres Authority (IFSCA) has issued a comprehensive circular dated 10th October 2025, streamlining the process for Qualified Jewellers (QJs) and India–UAE CEPA Tariff Rate Quota (TRQ) Holders to Import of Gold and Silver via GIFT City through the India International Bullion Exchange (IIBX).

This circular replaces earlier ones issued between 2023 and 2025, consolidating all norms into a single, updated framework for the bullion ecosystem in GIFT City.

Who Can Import through IIBX Now?

IFSCA has widened the eligibility base for jewellers who can import gold and silver directly via IIBX.

To be recognised as a Qualified Jeweller (QJ), an entity must:

• Be engaged in jewellery-related businesses (covering HS Codes 7106, 7108, 7113, 7114, 7118).

• Have a minimum net worth of ₹15 crore.

• Maintain 60% of turnover (for last 3 years) or 90% (for previous financial year) from jewellery-related activities.

• Be compliant with GST filings and possess a valid Importer-Exporter Code (IEC).

• Satisfy the “fit and proper” criteria, ensuring integrity and regulatory compliance.

Once approved, the entity is notified by IFSCA and can operate on IIBX either as:

• A client of a Bullion Trading Member, or

• A “Special Category” client directly transacting on IIBX for its own imports.

Import of Gold under India–UAE CEPA (TRQ Scheme)

A major highlight of this circular is the facilitation of UAE Good Delivery (UAEGD) Gold imports under the India–UAE Comprehensive Economic Partnership Agreement (CEPA).

• Entities holding valid TRQ licenses from DGFT can apply to IFSCA for recognition as valid TRQ holders.

• These TRQ holders can now buy UAEGD gold on IIBX within their allotted quota.

• Existing Qualified Jewellers with TRQ licenses do not need to apply separately.

This step integrates India’s CEPA commitments directly with GIFT City’s regulated bullion market, enabling seamless international trade through IIBX.

Process Flow: Imports of Gold and Silver via GIFT City

Streamlined Remittance and Settlement Process of Import of Gold and Silver via GIFT City

IFSCA has aligned the import and payment processes with RBI’s guidelines on advance remittance for bullion imports.

Key points include:

• IIBX will issue authenticated indicative price documents for gold/silver imports to facilitate foreign currency remittances.

• Authorised Dealer Banks (AD Banks) may allow remittance based on this document.

• All remitted funds are ring-fenced within Clearing Bank accounts and must be utilised within 11 calendar days — unutilised funds must be refunded.

This brings transparency and accountability to cross-border payments for bullion transactions.

4️⃣ Strong Compliance and AML Measures

To protect market integrity, Qualified Jewellers and TRQ holders must comply with:

• IFSCA’s Anti-Money Laundering (AML) and Counter-Terrorism Financing (CFT) Guidelines (2022), and

• DGFT’s AML Guidelines for Dealers in Precious Metals and Stones (2023).

IIBX and India International Depository (IFSC) Ltd. (IIDIL) will ensure full adherence to these norms and maintain a live surveillance system to detect and prevent suspicious activities.

5️⃣ Why This Matters

This reform does more than simplify imports — it:

• Brings bullion imports under a single transparent, exchange-traded framework.

• Reduces dependency on unregulated channels.

• Empowers domestic jewellers with global access through GIFT City.

• Integrates trade, settlement, and compliance under one digital roof.

For the Indian jewellery ecosystem — especially those looking to expand international procurement — GIFT City’s bullion ecosystem via IIBX is now the most compliant and efficient gateway.

🌍 The Bigger Picture

By connecting India’s jewellery trade directly with international bullion markets via GIFT City, the IFSCA has turned IIBX into a true global bullion hub.

This move strengthens India’s ambition to be a price-setter in the global bullion market, while supporting jewellers with fair access, transparent pricing, and simplified regulation.

📘 Disclaimer

This article is a general summary based on IFSCA Circular No. IFSCA-PMTS/10/2023-Precious Metals dated October 10, 2025.It is for informational and educational purposes only and does not constitute legal, financial, or investment advice. Readers are encouraged to refer to the official circular on www.ifsca.gov.in and consult professional advisors before making any decisions.