IIBX Bullion Imports: The January 2026 IFSCA Circular

The India International Bullion Exchange (IIBX), in the GIFT City International Financial Services Centre, was set up in 2022 as a regulated route for importing gold and silver into India directly, rather than through nominated banks and agencies. On 2 January 2026 the International Financial Services Centres Authority issued a circular amending the consolidated framework for bullion imports, widening who may use the exchange and on what terms. This article explains the exchange, the changes, and what a jewellery exporter should do.

How IIBX works

IIBX is a spot exchange for gold of 995 and 999 fineness and for silver, with physical delivery from vaults in the IFSC; futures contracts were added in 2025. Qualified suppliers, accredited international refiners and dealers, sell on the exchange. Buyers are Qualified Jewellers notified by IFSCA, and, since the January 2026 circular, eligible SEZ units and Advance Authorisation holders. Trades are executed through bullion trading members, settled in foreign currency, and the metal is cleared through an in-house Customs facility before delivery. The exchange issues an indicative price document that supports the remittance under RBI and DGFT rules.

Two features matter to an exporter. Gold of UAE origin imported under the India–UAE CEPA tariff-rate quota carries a duty concession, and IIBX is a delivery channel for that quota. And the exchange permits small lots, so an exporter with a modest order book can buy to need rather than to a bank's minimum.

What the January 2026 circular changed

SEZ units

An SEZ unit holding a valid Letter of Approval that lists jewellery export as an authorised operation may be notified as a Qualified Jeweller on relaxed thresholds:

• at least 35% of annual turnover from goods under HS 7113, 7114 and 7118 over the last three financial years and the current year;
• net worth of at least Rs 5 crore, against Rs 15 crore for a non-SEZ applicant;
• annual export turnover of at least Rs 5 crore under HS 7113.

Bullion may be delivered directly to the SEZ premises after Customs clearance.

Advance Authorisation holders

An exporter holding a valid Advance Authorisation from DGFT may apply as a Qualified Jeweller. Imports through IIBX must correspond to the HS codes on the authorisation and be used solely for the export obligation, in line with the authorisation's condition sheet.

Silver bars

Silver bars under HS 71069221 may be imported through IIBX by any entity holding a valid IEC, without Qualified Jeweller notification, subject to RBI's rules.

Monitoring

Net worth and turnover are monitored half-yearly. A Qualified Jeweller that falls below the thresholds faces suspension; one inactive for six months is de-notified.

What it means for each kind of exporter

Exporter	Position after the circular
SEZ jewellery unit	Qualifies on lower net worth and turnover; receives bullion at the zone without DTA logistics; CEPA quota gold accessible through the exchange
Advance Authorisation holder	Imports duty-free inputs through IIBX against the authorisation; traceability to the authorisation's HS codes is built into the route
Other Qualified Jewellers	Unchanged thresholds (60% or 90% of turnover from Chapter 71 goods; Rs 15 crore net worth), but silver bar imports now open to any IEC holder and the broader framework eased

What to do to qualify

1. Check the Letter of Approval: jewellery export must be an authorised operation. If it is not, apply to the Development Commissioner to add it before applying to IFSCA.
2. Compute the turnover test from audited accounts, by HS code, for the three years and the current year.
3. Obtain the net-worth certificate and the export turnover figure under HS 7113.
4. Appoint a bullion trading member and set up the foreign-currency settlement arrangement with your AD bank.
5. Diarise the half-yearly monitoring; a unit that drifts below 35% jewellery turnover is suspended.