Kolkata: India’s 1,200-tonne gold refining industry can potentially unlock a major export opportunity through GIFT City, Gujarat, where the India International Bullion Exchange (IIBX) provides a platform for international bullion trading.
New guidelines issued by the International Financial Services Centres Authority (IFSCA), the regulator for financial services in GIFT City’s International Financial Services Centre, on October 15 set responsible sourcing and audit standards for refiners seeking Good Delivery accreditation.
With domestic gold consumption at 800-850 tonnes annually, the framework could help Indian refiners access global markets by enabling gold that meets the prescribed standards to be traded through GIFT City’s bullion exchange.
Indian consumers could also benefit over time from greater transparency in gold sourcing, stronger quality assurance and potentially more competitive pricing as the market becomes more integrated with global bullion trade.
The IFSCA has issued the International Financial Services Centres Authority (Good Delivery) Guidelines, 2026, prescribing supply chain due diligence, independent audits and annual disclosures for refiners seeking accreditation to supply Good Delivery Gold to bullion exchanges in GIFT City.
The framework could help establish Indian-refined gold as a trusted product in global markets, but its success will depend on implementing accreditation norms, appointing approved auditors and putting in place trading systems for Good Delivery bars.
“These guidelines come at the right time,” said Sabyasachi Ray, executive director at the Gem & Jewellery Export Promotion Council (GJEPC). “India recently earned an excellent rating in its peer review by the Financial Action Task Force (FATF), the global watchdog against money laundering and terror financing. The IFSCA India Good Delivery framework for gold builds on that credibility.”
He said the prescribed standards are comparable to those followed at major gold trading centres such as London and New York.
The guidelines formalise rules for refiners to know their suppliers, verify beneficial ownership, flag and report suspicious deals and maintain records for eight years. They also require refiners to trace gold to its origin, assess risks associated with sourcing from conflict-affected and high-risk areas, and establish documented responsible-sourcing policies.
“What was required at the legal level, such as refiners knowing their suppliers, verifying who really owns them, flagging and reporting suspicious deals and keeping records for eight years is now encapsulated under these guidelines as a standard for accreditation,” Ray said.
Indian stakeholders including GJEPC, with facilitation from the World Gold Council, have also recently created a self-regulatory system for gold modelled on the London Bullion Market Association (LBMA), he said.
“The next step will be to make the system work on the ground,” said Ray. “We hope IFSCA and the India International Bullion Exchange (IIBX) will soon put in place the accreditation norms, the panel of approved auditors and the trading systems for Good Delivery bars.”
Under the framework, refiners must undergo independent third-party audits and submit annual disclosures on compliance, including material changes and corrective actions. The requirements are intended to strengthen confidence in the provenance and integrity of gold traded through the IFSC bullion market.
