RBI Notification

RBI Issues a Notification on Silver Import Guidelines for Qualified Jewellers

In the dynamic world of international finance and bullion trade, regulatory frameworks play a pivotal role in shaping market trajectories and influencing the strategic decisions of key stakeholders. The Reserve Bank of India’s (RBI) recent notification, RBI/2023-2024/83, is a testament to this evolving landscape. Dated November 10, 2023, and addressed to all Category-I Authorised Dealer Banks, this directive outlines significant changes in the guidelines regarding the import of silver by Qualified Jewellers, as notified by the International Financial Services Centres Authority (IFSCA).

In-Depth Analysis:

The notification builds upon the earlier A.P. (DIR Series) Circular No.04 dated May 25, 2022. Under this circular, Authorised Dealer Category-I (AD Category-I) banks were permitted to remit advance payments on behalf of Qualified Jewellers for the import of gold through India International Bullion Exchange IFSC Ltd (IIBX). This move was a significant shift from the traditional models, aimed at enhancing India’s position in the global bullion market.

The recent directive extends this facility to the import of silver, following Notification No.35/2023 issued by the Directorate General of Foreign Trade (DGFT) dated October 11, 2023. This notification permitted Qualified Jewellers, in addition to nominated agencies as notified by the RBI and DGFT, to import silver under specific ITC(HS) Codes through IIBX.

Key Points and Implications

  1. Enhanced Market Access: The directive allows AD Category-I banks to enable Qualified Jewellers to remit advance payment for eleven days for the import of silver through IIBX. This facilitates greater ease of access to the global silver market for Indian jewellers, potentially boosting the domestic silver jewellery sector.
  2. Regulatory Compliance: The conditions mentioned in the A.P. (DIR Series) Circular No.04, dated May 25, 2022, continue to apply, ensuring that these transactions are carried out within a well-defined regulatory framework.
  3. Sectoral Impact: This move is likely to have a significant impact on the Indian jewellery industry. It could lead to increased competitiveness and potentially lower costs for consumers. Additionally, it might encourage more jewellers to seek qualification under the IFSCA guidelines, expanding the market base.
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Case Study:

For an insightful perspective, let’s consider a similar regulatory shift in another market. For instance, the liberalization of gold imports in Turkey in the early 2000s led to a significant expansion of its gold jewellery sector, both domestically and in terms of exports. By drawing parallels, we can anticipate a similar growth trajectory for the Indian silver jewellery market post this regulatory change.

Forward-Looking Insights:

The RBI’s directive is a progressive step towards integrating the Indian bullion market with global markets more effectively. However, it also necessitates stringent monitoring to prevent potential misuse of the system and to ensure compliance with international standards, especially concerning anti-money laundering (AML) and combating the financing of terrorism (CFT).


In conclusion, the RBI’s latest notification on silver imports for Qualified Jewellers marks a significant milestone in India’s journey towards becoming a major player in the global bullion market. While it opens up new avenues for growth and competitiveness in the jewellery sector, it also demands heightened vigilance and adherence to international norms. As we navigate these new horizons, it is imperative for all stakeholders to align their strategies with these evolving regulatory landscapes to fully harness the potential of these changes.


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