GJEPC Organises Webinar on Bullion Import through IIBX under Advance Authorisation Scheme

The Gem & Jewellery Export Promotion Council (GJEPC) conducted a webinar to guide member exporters on importing bullion via the India International Bullion Exchange (IIBX) under the Advance Authorisation Scheme. The session, titled “IIBX for Gold Export Challenges,” addressed critical topics such as ease of doing business, access to raw materials, and the pivotal role of IIBX in supporting gold exports.

Mr. Ashok Gautam, Managing Director & CEO of IIBX, provided an in-depth overview of the platform’s regulatory framework under the International Financial Services Centres Authority (IFSCA). He explained the exchange’s structure — promoted jointly by five market infrastructure institutions — and detailed the eligibility criteria for participants, including qualified dealers, TRQ holders, and nominated banks. Mr. Gautam also noted that the RBI now allows entities to hedge gold price risks on IIBX through gold and silver futures.

GJEPC’s Executive Director, Mr. Sabyasachi Ray, and Director – Policy, Mr. K.K. Duggal, highlighted the Council’s ongoing advocacy to enable qualified dealers and ACC-based operators in SEZs to participate on the IIBX platform. They emphasised recent progress achieved through relaxed net worth norms and the inclusion of jewellery under exports.

Elaborating on the trading ecosystem, Mr. Gautam explained the functioning of vault facilities at GIFT City and Chennai, with new vaults expected soon in Kolkata and Mumbai. He also outlined the procedures for buying, selling, settlement, and trade delivery, which are designed to enhance exporters’ working capital efficiency.

Mr. Gautam further confirmed that the import process for Advance Authorisation holders through IIBX has been successfully tested, with customs clearances completed. The discussion also covered recent regulatory relaxations — including reduced net worth requirements and simplified participation rules for SEZ entities.

The webinar concluded with insights on contract sizes — 1kg for 995 purity and 100g for triple line purity — alongside exporters’ requests for smaller denominations. Participants also discussed hedging strategies, silver contracts, and dealer qualification criteria.