Quick Highlights:
- IIBX & GJEPC enable India’s first duty-free gold import
- The move aligns with DGFT’s Advance Authorisation Scheme
- Aims to lower input costs and support jewellery exporters
- Backed by new IFSCA guidelines issued on Oct 10, 2025
A Historic Breakthrough for India’s Bullion Industry
In a major milestone for India’s bullion market, the India International Bullion Exchange (IIBX), in collaboration with the Gem & Jewellery Export Promotion Council (GJEPC), has enabled the country’s first duty-free import of gold. This move operates under the Advance Authorisation Scheme issued by the Directorate General of Foreign Trade (DGFT).
This achievement supports the government’s vision to streamline bullion imports using transparent and regulated platforms.
IIBX and GJEPC Take the Lead
Ashok Gautam, Managing Director & CEO of IIBX, said:
“We thank the Gem & Jewellery Export Promotion Council (GJEPC) for the confidence it has bestowed on us. In our endeavour to support jewellery exports from India, IIBX has successfully enabled Advance Authorisation License Holder Qualified Jewellers to import bullion. The first transaction has been successfully concluded and cleared by Customs.”
His remarks underline the significance of this breakthrough for the industry.
Regulatory Push by IFSCA
The International Financial Services Centres Authority (IFSCA) has played a key role in supporting this initiative. On October 10, 2025, the authority issued a circular updating the guidelines for bullion imports via IIBX.
The circular simplified eligibility criteria, operational processes, and compliance requirements. As a result, it is now easier for qualified exporters to participate.
How the Duty-Free Import Works
Under the new framework, jewellers who hold a valid Advance Authorisation License from DGFT and are certified as Qualified Jewellers by IFSCA can import gold via IIBX without paying import duties.
However, the imported metal must be exclusively used for jewellery intended for export. This ensures that benefits directly support India’s export economy.
What This Means for Exporters
The new system is expected to lower input costs for jewellers. Furthermore, it will improve liquidity by eliminating upfront import duty expenses. The improved traceability and transparency across the transaction chain also build trust in the process.
As a result, the initiative is poised to strengthen India’s global position in the jewellery export market.
IIBX at the Centre of Global Bullion Trade
Located at GIFT City’s International Financial Services Centre (IFSC), IIBX is emerging as a central hub for bullion trading. This milestone further enhances its credibility as a regulated and efficient marketplace for gold and silver imports.
