Key Takeaways
- GJEPC RCMC holders can apply for Qualified Jeweller status through IIBX.
- Eligible entities can import gold and silver for export-related activities.
- No minimum net worth requirement for GJEPC RCMC holders.
- No minimum net worth requirement for eligible SEZ jewellery units with a valid LoA.
- Advance Authorisation holders can access the IIBX import route.
- DTA units must possess a valid GJEPC RCMC to utilise the facility.
In a significant policy development for India’s gem and jewellery export industry, the International Financial Services Centres Authority (IFSCA) has expanded access to bullion imports through the India International Bullion Exchange (IIBX), allowing eligible Gem & Jewellery Export Promotion Council (GJEPC) Registration-Cum-Membership Certificate (RCMC) holders to import gold and silver via the exchange.
The move comes under an IFSCA circular dated June 15, 2026, and incorporates key recommendations submitted by GJEPC to improve accessibility and participation in India’s formal bullion ecosystem.
Under the revised framework, GJEPC RCMC holders can now apply for Qualified Jeweller status through IIBX, enabling them to source bullion directly for export-related manufacturing activities. The policy is expected to streamline procurement processes and improve transparency in bullion sourcing for exporters.
Wider Industry Participation
One of the most notable aspects of the revised framework is the removal of the minimum net worth requirement for eligible GJEPC RCMC holders and Special Economic Zone (SEZ) jewellery units holding a valid Letter of Approval (LoA).
Industry stakeholders believe this change will significantly broaden participation by enabling a larger pool of exporters, including small and medium-sized jewellery manufacturers, to access bullion through the IIBX platform.
The circular also extends eligibility to entities holding Advance Authorisations issued by the Directorate General of Foreign Trade (DGFT), allowing them to utilize the IIBX import route for bullion procurement.
Membership Gains Strategic Importance
The revised policy further reinforces the importance of GJEPC membership within the export ecosystem. Domestic Tariff Area (DTA) units seeking access to the IIBX bullion import route will now require a valid GJEPC RCMC, making Council membership an important compliance and business requirement for exporters looking to benefit from the expanded framework.
Industry experts view the move as another step toward strengthening formal trade channels while improving traceability and transparency in precious metal sourcing.
Supporting Export-Led Growth
According to IFSCA, the amendments were introduced following stakeholder consultations and are designed to facilitate easier access to bullion while supporting export-oriented manufacturing in the gem and jewellery sector.
The policy is expected to:
- Expand access to bullion imports through IIBX.
- Reduce entry barriers for eligible exporters.
- Increase participation from SEZ jewellery units.
- Strengthen the role of GJEPC membership in export operations.
- Promote transparent and efficient bullion sourcing practices.
The development is likely to enhance India’s competitiveness as a global jewellery manufacturing and export hub while supporting the government’s broader objective of formalizing precious metals trade through regulated channels.
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