QUALIFIED JEWELLERS (QJ)

Qualified Jewellers are entities notified by IFSCA and permitted to purchase Bullion Depository Receipts (BDRs) on IIBX for import of eligible gold and silver products.

Participation Models

i. Client of Trading Member (TM) : Participates through a registered Trading Member

ii. Qualified Jeweller – Special Category Client (QJ–SCC) : Receives direct trading access to IIBX and clears transactions through a Clearing Member.

Standard Eligibility Criteria (Qualified Jewellers QJ)

Requirement	Eligibility
Business Activity	Entity engaged in goods under ITC(HS) Codes 7106, 7108, 7113, 7114 and 7118
GST Compliance	GST returns filed up to preceding month / quarter
Turnover – Option 1	Minimum 60% annual turnover in each of preceding 3 FYs and current FY from dealing in eligible Chapter 71 products
Turnover – Option 2	Minimum 90% annual turnover in previous FY and current FY from dealing in eligible Chapter 71 products
Certification	Certification by practicing CA / CMA / CS
Net Worth	Minimum INR 15 Crore
Compliance	Fit & Proper + AML/CFT compliance

Reference: Revised Consolidated Circular — Import of Gold or Silver through IIBX.

Additional Eligibility Requirement for Special Category Client (QJ–SCC)

Requirement	Eligibility
Base Qualification	Must qualify as Qualified Jeweller
Legal Form	Company or LLP
Trading	Proprietary only
Clearing	Mandatory association with Clearing Member
Client Onboarding	Not permitted

Trading Rights for Qualified Jewellers (QJ)
Buy → √ Allowed
Sell → Χ Not Allowed

Reference: IFSCA Circular dated 11 December 2023.

Special Eligibility Pathways for Qualified Jewellers
Certain categories are provided alternative eligibility routes to participate as Qualified Jewellers.

A. Qualified Jeweller – Advance Authorisation (AA) Route
Entities holding valid Advance Authorisation issued by DGFT.

Eligibility Criteria

Requirement	Eligibility
Authorisation	Valid DGFT Advance Authorisation
Turnover Requirement	Standard 60% / 90% turnover requirement not applicable
Net Worth Requirement	Standard INR 15 Crore net worth not applicable
Business Activity	Import for authorised export-linked activities
Participation	Through Bullion Trading Member
Compliance	KYC, AML/CFT and regulatory compliance

Trading Rights

Buy → √ Allowed
Sell → Χ Not Allowed

Purpose restricted to import linked to export obligations.

Reference: Revised Circular – 02 January 2026.

B. Qualified Jeweller – RCMC Route

Entities holding valid Registration-cum-Membership Certificate (RCMC) issued by GJEPC.

Eligibility Criteria

Requirement	Eligibility
Registration	Valid GJEPC RCMC
Turnover Requirement	Standard 60% / 90% turnover requirement not applicable
Net Worth Requirement	Minimum net worth requirement not applicable
Participation	Through Bullion Trading Member
Business Activity	Jewellery / precious metals related activities
Compliance	KYC, AML/CFT and regulatory requirements

Trading Rights

Buy → √ Allowed
Sell → Χ Not Allowed

Purpose restricted to import through IIBX.

Reference: Circular amendment dated 15 June 2026.

C. Qualified Jeweller – SEZ Unit Route

Special route for eligible jewellery export units located in Special Economic Zones.

Eligibility Criteria

Requirement	Eligibility
Entity Type	SEZ Unit
Approval	Valid Letter of Approval (LOA)
Authorized Activity	Jewellery export
Turnover Requirement	Minimum 35% turnover in each of preceding 3 FYs and current FY from ITC(HS) 7113, 7114 and 7118
Export Requirement	Minimum INR 5 Crore annual export turnover under ITC(HS) 7113 during each of preceding 3 FYs
Net Worth	Minimum INR 5 Crore
Certification	Certification by practicing CA / CMA / CS
Compliance	Ongoing eligibility and AML/CFT compliance

Trading Rights

Buy → √ Allowed
Sell → Χ Not Allowed

Purpose restricted to bullion imports supporting export operations.

Reference: Revised Circular dated 02 January 2026 and subsequent amendments.