Import & Export of Gold Doré & Gold Bullion in India — Complete Guide
Import & Export of
Gold Doré & Gold Bullion
in India — Complete Guide
India is the world’s second-largest gold consumer and a pivotal hub for gold refining and jewellery exports. Whether you are a refinery seeking to import gold doré, a jeweller importing bullion through IIBX, or an exporter of gold jewellery, this definitive guide by Corpzo.com navigates every regulation, licence, duty, and procedure you need to know in 2025–2026.
India’s Gold Market — The Regulatory Landscape in 2025
India is not merely a gold consumer — it is one of the world’s most strategically significant gold markets. The country imports 700–900 metric tonnes of gold annually to feed a jewellery sector worth over USD 80 billion, an investment market that channels hundreds of tonnes into coins, bars, and ETFs, and a growing domestic refining industry that processes gold doré into high-purity bullion for downstream use.
However, gold trade in India operates within one of the most tightly regulated trade frameworks of any commodity. Three regulatory milestones have reshaped the landscape in 2024–2026: the Union Budget 2024’s dramatic customs duty reduction from 15% to 6% for gold bullion (and 5.35% for gold doré); DGFT Notification No. 08/2025-26 dated May 19, 2025, which restructured ITC HS codes and reclassified gold from “Free” to “Restricted” for most import categories; and DGFT Notification No. 02/2026-27 dated April 1, 2026, which extended import restrictions to finished gold and silver jewellery under Chapter 71 (CTH 7113), closing loopholes that had been exploited through bilateral trade agreements.
What Is Gold Doré?
Gold doré is a semi-pure alloy bar of gold and silver — typically containing 60–90% gold by weight — produced at mine sites as an intermediate product. It requires further refining to produce investment-grade gold (99.5%+ purity) or jewellery-grade gold. India imports doré bars primarily from mining regions in Africa, South America, and Australia for refining at BIS-licenced, NABL-accredited facilities.
What Is Gold Bullion?
Gold bullion refers to refined gold in the form of bars or ingots with a purity of 99.5% or higher (investment grade) or 99.9%+ (four-nines gold). Bullion is the primary product form used in commodity trading, central bank reserves, Exchange Traded Funds (ETFs), and as raw material for the jewellery manufacturing industry in India.
Who Governs Gold Trade in India?
Three principal regulators govern gold imports and exports: DGFT (Directorate General of Foreign Trade) issues licences and sets import/export policy; RBI (Reserve Bank of India) nominates banks and agencies authorised to import gold and monitors cross-border transactions; and CBIC (Central Board of Indirect Taxes and Customs) administers customs duty and clearance.
BIS, NABL and Quality Standards
The Bureau of Indian Standards (BIS) licences gold refineries and sets quality standards. NABL (National Accreditation Board for Testing and Calibration Laboratories) accreditation is a mandatory prerequisite for any entity applying for a gold doré import licence under the Actual User condition. Without NABL accreditation, the DGFT application cannot be filed.
Updated ITC HS Codes for Gold — DGFT Notification 08/2025-26
DGFT Notification No. 08/2025-26 (effective May 19, 2025) substantially restructured the ITC HS code framework under Chapter 71 for precious metals, aligning with the Finance Act 2025 and Budget 2025 tariff changes. Several older codes were deleted and replaced with new sub-headings that allow more precise classification, particularly for high-purity forms and doré bars:
Gold Doré Bar
Semi-pure gold alloy bars from mine sites. Import status: Restricted — permitted only for licensed refineries under Actual User (AU) condition with a valid DGFT import licence. NABL + BIS mandatory prerequisites.
Unwrought & Semi-Manufactured Gold
Gold in unwrought or semi-manufactured forms (bars, ingots, granules) with 99.5%+ purity. Import status: Restricted — only through nominated agencies (RBI/DGFT), IFSCA-qualified jewellers via IIBX, or valid India-UAE TRQ holders.
Deleted HS Codes (Pre-2025)
The previous general codes 71081200 and 71081300 for unwrought and semi-manufactured non-monetary gold have been deleted and replaced by more granular sub-headings. Using these old codes now will result in customs rejection and potential FEMA violations.
Gold & Silver Jewellery
From April 1, 2026 (DGFT Notification 02/2026-27): all articles of jewellery under CTH 7113 changed from “Free” to Restricted. A DGFT licence or permission is now required before any jewellery import. No transitional relief provided.
Gold Jewellery & Articles Export
Export of gold jewellery, articles of goldsmiths’ and silversmiths’ wares is generally Free (not restricted) subject to IEC and applicable export promotion scheme conditions. Hallmarking compliance mandatory for jewellery exports.
Monetary Gold
Gold in monetary form (held by central banks). Subject to RBI / Ministry of Finance oversight. Not a commercial import/export category for private entities. Separate regulatory framework applies.
Customs Duty, GST & Total Tax Incidence on Gold Imports
The Union Budget 2024 delivered the most significant customs duty reduction on gold in over a decade — slashing the effective rate from 15% to 6% for gold bullion and from 14.35% to 5.35% for gold doré. The Budget 2025 retained these rates. Here is the complete duty structure:
| Gold Category | Basic Customs Duty | AIDC | Effective Customs | IGST (3%) | Total Tax |
|---|---|---|---|---|---|
| Gold Bullion / Bars (refined) | 5% | 1% | 6% | 3% | ~9.18% |
| Gold Doré Bars | 4.35% | 1% | 5.35% | 3% | ~8.65% |
| Gold Jewellery (under CTH 7113) | 15% | SWS applicable | ~15%+ | 3% | ~18%+ + DGFT |
| Gold Coins and Medallions | Prohibited | N/A | Import Prohibited | N/A | Cannot Import |
| India-UAE CEPA TRQ (Qualified Jewellers) | 5% (preferential) | 1% | Preferential rate | 3% | Lower incidence |
India-UAE CEPA TRQ — Preferential Import Route
Under the India-UAE Comprehensive Economic Partnership Agreement (CEPA), a Tariff Rate Quota (TRQ) regime allows qualifying jewellers to import gold from the UAE at concessional duty rates (5% BCD versus the standard 6%). For Financial Year 2025-26, the TRQ quota is 180 metric tonnes. TRQ holders must import exclusively via the India International Bullion Exchange (IIBX) at GIFT City, with physical delivery from IFSCA-registered vaults in Special Economic Zones. DGFT issues TRQ licences annually in February — applications must be filed through the DGFT portal promptly.
Authorised Import Channels — Who Can Legally Import Gold in India
Following DGFT Notification 08/2025-26, gold imports in all significant commercial categories are now restricted. Only specific, pre-approved categories of entities can legally import gold. All others require explicit DGFT authorisation. The four authorised import channels are:
RBI-Nominated Banks & DGFT-Nominated Agencies
The primary commercial import channel. Banks nominated by the RBI (including State Bank of India, HDFC Bank, ICICI Bank, Axis Bank, and others on the RBI list) and agencies nominated by DGFT (including MMTC, STC, HHEC, PEC, MSTC, Diamond India Limited, GJEPC, and Star/Premier Trading Houses for gems & jewellery) are authorised to import gold bullion for supply to the domestic market.
IFSCA-Qualified Jewellers via IIBX
Jewellers notified as “Qualified Jewellers” by the International Financial Services Centres Authority (IFSCA) can import gold directly through the India International Bullion Exchange (IIBX) at GIFT City, Gujarat. As of FY 2024-25, there are 171 IFSCA-qualified jewellers. They must register with IIBX, complete KYC, open a Demat account with India International Depository Limited (IIDL), and take delivery from IFSCA-registered vaults in SEZs.
India-UAE TRQ Holders via IIBX
Entities holding valid Tariff Rate Quota (TRQ) licences issued by DGFT under the India-UAE CEPA can import gold at preferential rates via IIBX. The minimum allocation is 80 kg per entity (subject to DGFT revision). TRQ licences are valid for one financial year and must be renewed annually. In FY 2024-25, there were 441 TRQ-qualified jewellers. The TRQ quota for FY 2025-26 is 180 metric tonnes total across all holders.
Licensed Refineries — Gold Doré (Actual User)
The import of gold doré is permitted exclusively to licensed gold refineries operating under the Actual User (AU) condition with a valid DGFT import licence. Prerequisites include: a valid BIS licence for the refinery, NABL accreditation for the testing laboratory, a factory licence, pollution control NOC, and IEC. Gold doré imported under this channel must be refined at the applicant’s own facility and cannot be sold/transferred in doré form.
Gold Doré Import Process — Licence to Customs Clearance
Importing gold doré requires one of the most structured licence and compliance processes in Indian foreign trade law. Here is the complete step-by-step process as managed by Corpzo for refinery clients:
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1FoundationEstablish Refinery Entity & Obtain IEC The applicant must be a company incorporated under the Companies Act, 2013 operating a gold refinery. The refinery must obtain an Import Export Code (IEC) from the DGFT — without IEC, no customs clearance is possible. IEC is now linked to the PAN of the entity and is obtained through the DGFT portal.
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2AccreditationObtain NABL Accreditation for Laboratory NABL (National Accreditation Board for Testing and Calibration Laboratories) accreditation is a mandatory prerequisite for first-time gold doré importers. NABL has been approved by the Government of India as the sole accreditation body for laboratory testing and calibration. The refinery’s testing laboratory must demonstrate technical competence for gold assaying before a BIS licence can be applied for. NABL assessment involves documentation review, on-site audit, and proficiency testing.
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3BIS LicenceObtain BIS Licence for Gold Refinery Post NABL accreditation, the refinery must obtain a valid licence from the Bureau of Indian Standards (BIS). BIS licences are granted to refineries that demonstrate compliance with the prescribed gold refining standards. Without a valid BIS licence, the DGFT import licence application for gold doré cannot be processed. BIS licences require periodic renewal and are subject to surveillance audits by BIS inspectors.
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4DGFT ApplicationApply for Gold Doré Import Licence on DGFT Portal With NABL accreditation and BIS licence in hand, the applicant files for an import licence through the DGFT’s online portal. The application (typically in Form ANF 2B) requires: IEC details, RCMC if applicable, details of the gold doré to be imported (quantity, country of origin, source supplier), proof of NABL accreditation, BIS licence copy, and all supporting business documents. The application is submitted to the jurisdictional Regional Authority (RA) of DGFT.
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5Licence GrantDGFT Regional Authority Reviews & Issues Licence The DGFT Regional Authority reviews the application for completeness, verifies the NABL and BIS credentials, and assesses the refinery’s track record of utilisation and export compliance. Upon satisfaction, the RA issues the import licence specifying the quantity of gold doré authorised, the period of validity, and the Actual User conditions. For capital goods licences, validity is 24 months; for other goods including gold doré, 18 months.
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6CustomsImport Shipment, Bill of Entry & Customs Clearance With the DGFT licence, the refinery places an import order with an approved foreign supplier. The gold doré shipment must be routed through a customs-bonded warehouse. A Bill of Entry is filed with the correct updated ITC HS code. Customs duty (5.35% effective + 3% IGST) is paid. The licence number is endorsed on the Bill of Entry. For each consignment, a utilisation report must subsequently be filed with the Central Excise / GST officer covering: quantity of doré imported, gold produced after refining, gold issued to exporters, and proof of export.
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7CompliancePost-Import Utilisation Reporting & Export Obligation A licensed gold doré importer operates under Actual User conditions — the gold must be refined at the importer’s own facility. SEZ units, EOUs, Premier Trading Houses, and Star Trading Houses may procure refined gold from the licence holder exclusively for export purposes. For each consignment, a comprehensive utilisation report is submitted to the designated customs/GST authority within the prescribed period. Failure to submit utilisation reports or meet export obligations triggers penalty and potential licence cancellation.
Documents Required for Gold Import — Comprehensive Checklist
For Gold Doré Import Licence (DGFT Application)
- ✓Import Export Code (IEC) certificate from DGFT
- ✓NABL Accreditation Certificate for the testing laboratory
- ✓Valid BIS Licence for the gold refinery
- ✓Factory Licence under Factories Act
- ✓Pollution Control Board NOC/Consent to Operate
- ✓Certificate of Incorporation and Memorandum & Articles of Association
- ✓RCMC (Registration cum Membership Certificate) from GJEPC or relevant EPC if applicable
- ✓Supplier’s Proforma Invoice and business profile
- ✓Assay Report for previous consignments (for renewal applications)
- ✓Utilisation Report for previously licensed imports
For Customs Clearance (Bill of Entry Documentation)
- ✓Valid DGFT Import Licence (original / digitally signed)
- ✓Commercial Invoice from overseas supplier
- ✓Packing List with weight certification
- ✓Bill of Lading / Airway Bill
- ✓Insurance Certificate
- ✓Certificate of Origin from exporting country
- ✓Assay Certificate / Quality Test Report for gold doré
- ✓FEMA / RBI compliance declarations
- ✓KYC documents of the overseas supplier (AML compliance)
For IIBX / Qualified Jeweller Route (Bullion Import)
- ✓IFSCA Qualified Jeweller certificate or DGFT TRQ licence
- ✓IIBX Exchange membership / registration
- ✓Demat account with India International Depository Limited (IIDL)
- ✓IEC and GST Registration
- ✓Bill of Entry filed by Customs House Agent (CHA) at SEZ
- ✓Bullion Depository Receipt (BDR) withdrawal documentation
Gold Export from India — Jewellery, Bullion & Special Export Schemes
India is one of the world’s largest exporters of gold jewellery — the gems and jewellery sector is one of India’s top foreign exchange earners, with annual exports exceeding USD 20 billion. The export framework is significantly more liberal than the import framework, reflecting India’s strategic interest in promoting value-added exports.
Gold Jewellery Export — Generally Free
Export of gold jewellery (plain, studded, handmade, mechanised) is generally free under India’s Foreign Trade Policy — not subject to the restrictions applicable to gold imports. Any IEC holder can export gold jewellery subject to IEC, GST compliance, and applicable export promotion scheme obligations. BIS Hallmarking compliance is mandatory for jewellery exported under official certification.
Import Export Code Required for All Exports
A valid IEC issued by DGFT is mandatory for all commercial gold exports. Exporters must register on the ICEGATE portal (Customs) for e-Sanchit facility. Class III Digital Signature is required for ICEGATE registration. The IEC must be kept updated — inactive IECs are deactivated by DGFT.
Advance Authorisation Scheme
Gold importers who commit to manufacturing and exporting jewellery can import gold duty-free under the Advance Authorisation (AA) scheme. The importer commits to a specified export obligation within the prescribed period. DGFT issues the Advance Authorisation, which enables duty-free procurement of gold for export-linked manufacturing — significantly improving cost competitiveness for export-oriented jewellery manufacturers.
Export Promotion Capital Goods (EPCG)
Gold jewellery manufacturers can import machinery and capital goods at concessional customs duty (0% or 3%) under the EPCG scheme, subject to a 6x export obligation over 6 years from the date of Authorisation issuance. This scheme significantly reduces the capital cost of setting up or upgrading gold jewellery manufacturing infrastructure.
GJEPC Membership & RCMC
Exporters of gems and jewellery are required to obtain a Registration cum Membership Certificate (RCMC) from the Gems & Jewellery Export Promotion Council (GJEPC). RCMC is necessary for availing various export promotion benefits and is a prerequisite for many customs clearance procedures in the gems and jewellery sector.
Restrictions on Raw Gold Export
The export of unwrought gold bars and gold doré in raw form is restricted — gold can only be exported in value-added forms (jewellery, artefacts, medallions, coins) or under specific scheme conditions. The export of gold doré is prohibited unless the exporter holds specific export permissions and the gold has been refined to prescribed standards.
Anti-Money Laundering & Other Critical Compliance Obligations
India’s gold trade compliance framework extends far beyond customs and DGFT — gold dealers, refineries, and exporters are covered by a comprehensive AML (Anti-Money Laundering) framework that treats gold trade as a high-risk activity subject to stringent monitoring and reporting requirements:
Prevention of Money Laundering Act, 2002
All Reporting Entities in the gold trade — including dealers, refineries, and bullion traders — are subject to PMLA obligations. This includes mandatory KYC/CDD for customers, suspicious transaction reporting to FIU-IND, maintenance of transaction records for 5 years, and compliance with the WDMA (Weapons of Mass Destruction and their Delivery Systems Act) anti-proliferation financing obligations.
RBI AML Guidelines for Precious Metals Dealers
GJEPC and RBI have issued Updated Guidelines on AML, Countering Financing of Terrorism (CFT), and Combating Proliferation Financing for Dealers in Precious Metals and Precious Stones (2023) under PMLA 2002, UAPA 1967, and WDMA 2005. Gold traders must maintain a board-approved AML/CFT policy, appoint a designated Principal Officer for FIU-IND reporting, and train staff on AML procedures.
FEMA Compliance for Cross-Border Payments
All payments for gold imports must comply with FEMA (Foreign Exchange Management Act) regulations. Payment must be routed through authorised dealer banks. Advance payment limits apply. For gold doré imports, payment terms must be documented and compliant with RBI’s Authorised Dealer Circular provisions. FEMA violations attract civil penalties and can result in prosecution.
BIS Hallmarking Order 2021
The Hallmarking of Gold Jewellery and Gold Artefacts (Second Amendment) Order mandates BIS hallmarking of gold jewellery sold in India. Gold jewellery without a valid BIS hallmark (with HUID — Hallmark Unique Identification) cannot be legally sold in India from notified areas. Exporters must ensure exported jewellery meets both Indian hallmarking standards and the destination country’s quality certification requirements.
Corpzo: Your Expert Partner for Gold Trade Compliance
From NABL accreditation, BIS licence, and DGFT gold doré import licence to IIBX qualified jeweller registration, TRQ applications, export promotion scheme management, and AML compliance — Corpzo manages the complete gold trade regulatory lifecycle.
Gold Import & Export — Frequently Asked Questions
Ready to Import or Export Gold in India — Legally and Efficiently?
Corpzo’s gold trade regulatory experts navigate every licence, code, channel, and compliance obligation — from your first NABL assessment to post-import utilisation reporting and export promotion scheme management.
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