IFSCA broadens Qualified Jeweller eligibility for bullion import through IIBX, dropping net-worth bar for SEZ exporters and adding GJEPC members
IIBX and bullion-market participants must apply IFSCA's broadened Qualified Jeweller eligibility — net-worth bar removed for SEZ jewellery exporters, GJEPC RCMC holders added — and the new DGFT silver-import restrictions
Change
IFSCA's consolidated bullion-import circular, updated 15 June 2026, broadens Qualified Jeweller eligibility for importing gold or silver through IIBX — removing the net-worth requirement for SEZ units with a valid Letter of Approval and jewellery export operations, and adding GJEPC RCMC holders — while incorporating new DGFT restrictions on silver imports under specified ITC(HS) codes.
Why it matters
IFSCA's consolidated IIBX bullion-import circular (under the Bullion Market Regulations 2025) widens the pool of jewellery exporters that can be notified as Qualified Jewellers: the net-worth requirement is removed for SEZ units holding a valid Letter of Approval with jewellery export as an authorised operation, GJEPC RCMC holders join the Advance Authorisation route as eligible applicants, and the SEZ-unit turnover test is revised (35% via ITC(HS) 7113/7114/7118 plus INR 5 crore export turnover via 7113). It also folds in DGFT restrictions — silver bars under 71069221 restricted (importable by qualifying SEZ units without QJ notification) and silver under 71069110/71069120 permitted only against a DGFT Import Authorisation. Continuous net-worth, SEZ export-turnover and fit-and-proper conditions apply, with IIBX suspending participation on failure, and the IFSC AML/CFT/KYC Guidelines 2022 and PMLA precious-metals AML guidelines govern onboarding and ongoing conduct.
Implications
- — IIBX must update its Qualified Jeweller onboarding and eligibility verification to reflect the broadened criteria — admitting SEZ units holding a valid Letter of Approval with jewellery export operations without a net-worth test, and GJEPC RCMC holders alongside Advance Authorisation holders — and apply the revised SEZ-unit turnover test (35% via ITC(HS) 7113/7114/7118 plus INR 5 crore export turnover via 7113).
- — Jewellery exporters seeking to import gold or silver through IIBX should reassess their eligibility against the broadened routes: SEZ jewellery-export units no longer face the net-worth bar, and a valid GJEPC RCMC is now a qualifying basis to apply for Qualified Jeweller notification.
- — Importers and IIBX must apply the new DGFT-driven restrictions: silver bars under ITC(HS) 71069221 are restricted (importable through IIBX only by qualifying SEZ units without QJ notification), and silver under ITC(HS) 71069110 and 71069120 may be imported only against a valid DGFT Import Authorisation.
- — Qualified Jewellers and TRQ holders must meet the continuous-compliance conditions (ongoing net-worth or SEZ export-turnover, and fit-and-proper status, enforced by IIBX suspension on failure) and remain compliant with the IFSC AML/CFT/KYC Guidelines 2022 and the PMLA AML guidelines for dealers in precious metals and stones.
Who is affected
- — India International Bullion Exchange (IIBX), bullion clearing corporation, depository, intermediaries and vault managers operating the import process
- — Jewellery exporters — including SEZ units with jewellery-export operations and GJEPC RCMC holders — seeking Qualified Jeweller notification to import bullion through IIBX
- — AD banks and IFSC Banking Units handling advance remittances and the compliance/AML obligations tied to bullion imports through IIBX
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