India has moved decisively to strengthen its role in the global bullion market with the notification of the IFSCA (Good Delivery) Guidelines, 2026. The Gem & Jewellery Export Promotion Council (GJEPC) has welcomed the move and urged authorities to expedite implementation and secure international recognition for the India Good Delivery Gold framework.
The guidelines aim to raise confidence in Indian-refined gold by introducing robust standards for quality assurance, responsible sourcing and supply-chain traceability. They are designed to open new opportunities for bullion exports, support domestic refining capacity and help Indian refiners compete more effectively in international markets.
Kirit Bhansali, Chairman of GJEPC, called the guidelines a landmark for India’s gold bullion industry. He noted that international gold trading has long relied on the London Good Delivery standard as the principal benchmark of trust. The new Indian framework can help domestically refined gold achieve comparable credibility, provided it secures wider international acceptance.
Bhansali urged swift government engagement to pursue recognition from international bodies and trading partners, highlighting that India’s trade arrangements with major partners such as the European Union and the United Kingdom could support efforts to boost credibility abroad. Wider acceptance, he said, would also advance India’s ambition to play a more influential role in global gold price discovery over time.
Stronger Traceability and Responsible Sourcing
The IFSCA guidelines expand the concept of good delivery beyond purity and physical quality to include provenance and the integrity of the supply chain. Accredited refiners will be required to trace incoming gold to its source, assess supply-chain risks, verify suppliers and beneficial owners, and comply with responsible-sourcing standards.
The framework mandates independent third-party audits to verify compliance and to reinforce transparency. It covers gold from mined sources—including concentrates and doré—as well as recycled jewellery and industrial scrap. Refiners must implement safeguards to avoid sourcing from conflict-affected areas and demonstrate ongoing compliance through audit reports.
The International Financial Services Centres Authority (IFSCA) will implement the guidelines through the bullion market infrastructure at India’s International Financial Services Centres (IFSC). Gold produced by accredited refiners that meets these standards will be eligible for delivery on IFSC exchanges and for over-the-counter trading, expanding market access for compliant Indian bullion.
K. Srinivasan, Convener of GJEPC’s Gold Jewellery Panel Committee, contrasted the new framework with existing Indian standards. While the Bureau of Indian Standards sets requirements for bar purity and physical quality, the IFSCA guidelines embed a broader compliance approach focused on provenance, verification and responsible sourcing—bringing Indian refiners closer to international expectations.
Building on India’s Regulatory Credibility
Sabyasachi Ray, Executive Director of GJEPC, said the framework arrives at an opportune moment as India strengthens its regulatory credentials. He pointed to India’s positive Financial Action Task Force (FATF) peer-review outcome as a foundation that can help build confidence in the country’s oversight of bullion flows.
The IFSCA accreditation process incorporates key compliance elements such as customer and supplier verification, beneficial owner identification, suspicious transaction reporting and retention of records for eight years. These measures aim to improve transparency and align Indian refining practices with standards followed in major international trading centres.
Ray also highlighted industry-led initiatives, facilitated by bodies such as the World Gold Council, to develop self-regulatory arrangements for the gold sector. The immediate focus now is on effective implementation: finalising accreditation procedures, appointing approved auditors and establishing trading systems for Good Delivery bars.
GJEPC has offered to support IFSCA and the India International Bullion Exchange (IIBX) to translate the guidelines into a practical, industry-wide framework that enables compliant refining and liquid trading of Indian Good Delivery gold.
Bullion Exports Offer a New Growth Avenue
The guidelines also reflect recommendations from NITI Aayog, which has advocated creating an India Good Delivery Standard alongside responsible-sourcing guidance for refineries. Policy analysts have emphasised that stronger domestic refining standards can help retain more economic value in India, generate jobs and boost exports.
Research by GJEPC with Boston Consulting Group (BCG) has identified bullion exports as a promising growth area for India’s external trade. With a recognised domestic standard and robust compliance systems, Indian-refined gold could achieve greater acceptance among international buyers and trading platforms. That would strengthen demand for locally refined products, improve supply-chain transparency and create new opportunities across the gold value chain.
The notification of the IFSCA (Good Delivery) Guidelines, 2026 is an important policy milestone. Realising its full benefits will depend on timely accreditation, strong enforcement and international acceptance. If implemented effectively, the framework can establish a firmer foundation for responsible sourcing, export growth and a more prominent Indian role in the global bullion ecosystem.
