Industry Odisha Bureau, Oct 17: India’s gold refining industry spans 1,200 tonnes, against yearly consumption of 800–850 tonnes. New IFSCA rules could help refiners reach global buyers through GIFT City.
India’s gold refiners may have a new route to overseas buyers. On 15 October, the International Financial Services Centres Authority (IFSCA) issued fresh accreditation rules. The Good Delivery Guidelines 2026 could open a sizeable export opportunity through GIFT City.
India refines 1,200 tonnes of gold, according to reported industry figures. Yet the country consumes only 800–850 tonnes a year. That gap is not a ready export surplus, but shows why overseas markets matter.
GIFT City in Gujarat hosts the India International Bullion Exchange (IIBX). The exchange offers a regulated platform for international bullion trading. Gold meeting the new standards could be traded there as Good Delivery Gold. Access to a platform, however, does not guarantee foreign demand.
Good Delivery status matters because institutional buyers prize trusted, standardised bars. The guidelines set requirements; they do not accredit any refiner automatically.
The rules demand rigorous supply chain due diligence. Refiners must know their suppliers and verify who ultimately owns them. They must flag and report suspicious deals. Gold must also be traced back to its origin.
Refiners must assess risks linked to conflict-affected and high-risk areas. Each needs a documented responsible-sourcing policy. Gold’s high value makes it a target for money laundering. Such checks can help keep illicit metal out of regulated supply chains.
Records must be kept for eight years, creating a durable audit trail. Refiners must also undergo independent third-party audits. Every year, they must disclose their compliance status. These filings must cover material changes and any corrective actions taken.
The rules have found a supporter in Sabyasachi Ray. He is executive director of the Gem & Jewellery Export Promotion Council (GJEPC). Ray called the timing apt.
He cited India’s excellent rating in a recent Financial Action Task Force (FATF) peer review. The FATF is the global watchdog on money laundering and terror financing. Ray said the new framework builds on that credibility.
He also likened the standards to those used in London and New York. Comparable rules, however, do not mean formal equivalence with those markets. According to Ray, existing legal duties are now bundled into one accreditation standard.
Indian stakeholders, including GJEPC, recently built a self-regulatory system for gold. It is modelled on the London Bullion Market Association (LBMA), Ray said. The World Gold Council facilitated the initiative. This system sits alongside, but separate from, IFSCA’s formal rules.
Ray said the system must now work on the ground. He hopes IFSCA and IIBX will soon set accreditation norms. A panel of approved auditors and Good Delivery trading systems are also needed. Until then, the export gains remain potential rather than real.
Domestic buyers could benefit too, over time. Clearer sourcing and stronger quality checks may build consumer trust. Closer links with global trade could also make pricing more competitive.
For India, the opportunity rests on turning rules into working accreditation. Credible standards could then make Indian-refined gold a trusted global product.
