IFSCA has widened the eligibility gate for entities seeking notification as a "Qualified Jeweller" on the India International Bullion Exchange (IIBX). Entities that hold a valid DGFT Authorisation for import of items under specific relevant ITC(HS) codes can now qualify for the same streamlined eligibility route previously available only to Advance Authorisation and GJEPC RCMC holders. The change was notified vide Circular IFSCA-PMTS/10/2023-Precious Metals/2026/5 dated 22nd September 2026, which amends the Consolidated Circular dated 10th October 2025 (IFSCA-PMTS/10/2023-Precious Metals/2026/6).
Quick Answer
IFSCA's 22 September 2026 amendment inserts a new Clause 3A into Chapter I of the Consolidated Circular on import of gold or silver through IIBX. Clause 3A creates an alternate, faster eligibility route for Qualified Jeweller notification, available to three categories of entities: (i) holders of a valid Advance Authorisation issued by the DGFT, (ii) holders of a valid Registration-cum-Membership Certificate (RCMC) issued by the Gem & Jewellery Export Promotion Council (GJEPC), and (iii) holders of Authorisation issued by the DGFT for import of items under specific relevant ITC(HS) codes — this third category is new. Entities using this route bypass the standard turnover, GST-filing and net-worth conditions under Clause 3(a) to 3(d), but face tighter restrictions on what they can import and why.
At a Glance
What Changed?
The amendment makes five specific textual changes to the Consolidated Circular. The most significant is the addition of a third route to alternate eligibility, which did not exist before this circular.
Why This Matters
Under the standard eligibility route in Clause 3, an entity seeking Qualified Jeweller status has to clear turnover thresholds (60% or 90% of turnover from specified ITC(HS) code goods), GST-filing compliance, and a minimum net worth of INR 15 crore, all certified by a practising CA, CMA or CS. This is a meaningful compliance and documentation burden, particularly for entities that deal in precious metals goods for a specific, narrower purpose — such as importing under a DGFT-issued item-specific Authorisation.
Clause 3A recognises that an entity already vetted and authorised by the DGFT to import specific goods does not need to separately clear the IIBX's general turnover and net-worth tests to become a Qualified Jeweller. Before this amendment, that logic applied only to Advance Authorisation holders and GJEPC RCMC holders. The 22 September 2026 amendment extends the same logic to entities holding a DGFT Authorisation tied to specific ITC(HS) codes.
Normally, to become a "Qualified Jeweller" on IIBX, a business has to prove a minimum size and a track record of dealing in precious-metals goods. This amendment says: if the DGFT has already given you a specific import authorisation for certain gold or silver items, you don't need to separately prove that size and track record — you can use that DGFT authorisation itself as your ticket to apply, though you'll only be allowed to import exactly what that authorisation covers.
Who Is Affected?
Entities notified as Qualified Jeweller through the Clause 3A route are also subject to a specific restriction under Clause 18B: they may import gold or silver only under the ITC(HS) codes mentioned in their own Authorisation, and only for the purpose of exporting items mentioned in an Advance Authorisation, wherever applicable. They can participate on IIBX only through a Bullion Trading Member — the 'Special Category' client route, available to companies and LLPs under Clause 7(a), is not open to this category.
Detailed Provision-by-Provision Analysis
1. Omission of Clause 3(e)
Sub-clause (e) of Clause 3, Chapter I, stands omitted with effect from 22nd September 2026. Until this amendment, sub-clause (e) was the operative provision granting an alternate eligibility route to Advance Authorisation holders and GJEPC RCMC holders. The 22nd September 2026 amendment removes it from the clause structure and relocates — and expands — that eligibility route into the new Clause 3A, which now also covers entities holding a DGFT Authorisation for import of items under specific relevant ITC(HS) codes.
2. Insertion of Clause 3A
Clause 3A begins with a non-obstante formulation ("Notwithstanding the eligibility criteria specified in this Clause") and lists three eligible categories:
- Entities holding a valid Advance Authorisation issued by the DGFT;
- Entities holding a valid Registration-cum-Membership Certificate (RCMC) issued by The Gem & Jewellery Export Promotion Council (GJEPC); and
- Entities holding Authorisation by the DGFT for import of items under specific relevant ITC(HS) codes — the newly added category.
Because Clause 3A operates independently of Clause 3(a)-(d), entities relying on it do not need to submit the CA/CMA/CS-certified turnover and net-worth statements that the standard route requires.
3. Revised Chapter IIA
Chapter IIA, which sets out special conditions for Qualified Jewellers notified under the alternate route, has been retitled "Import of gold or silver by entities specified in Clause 3A" (previously titled by reference to Advance Authorisation/RCMC holders specifically). Clause 18A now extends Clauses 11 to 14 of Chapter II — which govern the continuing validity of notification across financial years and the submission of renewed authorisation documents — to all Clause 3A entities.
4. Conditions under Clause 18B
Clause 18B imposes two conditions on Qualified Jewellers notified through Clause 3A:
- Imports through IIBX are restricted to gold or silver falling under only those ITC(HS) codes mentioned in the Authorisation issued to the entity, wherever applicable; and
- Imports may be undertaken through IIBX only for the purposes of export of items mentioned in the Advance Authorisation, wherever applicable.
Participation is permitted only through a Bullion Trading Member — not as a 'Special Category' client.
Suppose a jewellery manufacturing unit holds a DGFT Authorisation permitting import of gold under ITC(HS) code 71081290 for a specific quantity, but does not meet the Clause 3(a)-(d) turnover and net-worth tests. Under the amended framework, this unit can apply for Qualified Jeweller notification through Clause 3A using its DGFT Authorisation, and — once notified — import gold strictly within the scope of that Authorisation, transacting only through a Bullion Trading Member.
Old vs New: Alternate Eligibility Route
Alternate route open only to:
• Advance Authorisation holders
• GJEPC RCMC holders
Alternate route open to the above plus:
• Entities holding DGFT Authorisation for import of items under specific relevant ITC(HS) codes
When Does It Apply?
The amendment was notified on 22nd September 2026 and, per Clause 4 of the amendment circular, comes into force with immediate effect. IFSCA has stated that an updated Consolidated Circular incorporating this and all earlier amendments (dated 2nd January 2026 and 15th June 2026) is being issued separately.
Compliance Checklist
CorpLawUpdates Analysis
For compliance teams, the immediate takeaway is that eligibility gatekeeping for Qualified Jeweller status has been decoupled, in one more instance, from IIBX's own financial-strength tests, in favour of relying on a DGFT-issued authorisation as sufficient proof of standing. This is consistent with the pattern seen across the Consolidated Circular's amendment history — the 2nd January 2026 update already carved out a similar exception for Advance Authorisation and RCMC holders, and this amendment simply broadens that carve-out.
Entities relying on Clause 3A should note that the concession is narrow in scope: import rights are capped strictly to the ITC(HS) codes and export purposes named in the underlying Authorisation. This is not a general relaxation of Qualified Jeweller status but a conditional, purpose-linked entry point. Businesses evaluating this route should also track the separately issued, fully updated Consolidated Circular once published, since clause numbering across Chapters I and IIA may shift once all 2026 amendments are formally compiled.
Frequently Asked Questions
What did IFSCA change on 22 September 2026?
IFSCA added a new Clause 3A to the Consolidated Circular on import of gold or silver through IIBX, creating a third alternate eligibility route for Qualified Jeweller notification: entities holding DGFT Authorisation for import of items under specific relevant ITC(HS) codes.
Who was already eligible under the alternate route before this amendment?
Entities holding a valid Advance Authorisation issued by the DGFT, and entities holding a valid RCMC issued by GJEPC.
Does this amendment remove the standard eligibility criteria in Clause 3(a)-(d)?
No. The standard route — based on turnover, GST-filing status, and net worth — remains available and unchanged. Clause 3A operates as an additional, parallel route.
Can a Qualified Jeweller notified under Clause 3A import any gold or silver item through IIBX?
No. Under Clause 18B, such an entity may import only gold or silver falling under the ITC(HS) codes mentioned in its own Authorisation, and only for export purposes mentioned in its Advance Authorisation, wherever applicable.
Can a Clause 3A entity participate on IIBX as a 'Special Category' client?
No. Clause 18B restricts such entities to participation only through a Bullion Trading Member.
When did this amendment take effect?
The amendment took immediate effect from 22nd September 2026, the date of the circular.
Is there an updated Consolidated Circular reflecting this change?
Yes. IFSCA has stated that an updated Consolidated Circular incorporating this and prior amendments (2nd January 2026 and 15th June 2026) is being issued separately.
Under what legal authority was this circular issued?
Sections 12 and 13 of the International Financial Services Centres Authority Act, 2019, read with Regulation 78 of the International Financial Services Centres Authority (Bullion Market) Regulations, 2025.
Source
Document: Amendment to the Circular on "Import of Gold or Silver by Qualified Jewellers and Valid India-UAE CEPA TRQ Holders through IIBX"
Issuing Authority: International Financial Services Centres Authority (IFSCA)
Reference: IFSCA-PMTS/10/2023-Precious Metals/2026/5
Date: 22nd September 2026
Signatory: Ramaneesh Goyal, Deputy General Manager, Market Regulation Division, Department of Metals and Commodities
Also referenced: Consolidated Circular IFSCA-PMTS/10/2023-Precious Metals/2026/6 dated 10th October 2025 (updated 2nd January 2026, 15th June 2026, 22nd September 2026)
Available at: www.ifsca.gov.in → Legal Framework → Circulars
This article is for informational and educational purposes only and does not constitute legal or regulatory advice. Readers should verify the applicable primary regulatory source before taking action.
