India has taken steps to strengthen its role in the international bullion market by introducing the IFSCA (Good Delivery) Guidelines, 2026. The Gem & Jewellery Export Promotion Council (GJEPC) welcomed the initiative and called on authorities to expedite its rollout, aiming to secure global recognition for the India Good Delivery Gold framework. The goal is to boost trust in Indian-refined gold by implementing stricter protocols for quality control, ethical sourcing, and supply-chain tracking. Officials anticipate this will open new avenues for bullion exports, enhance domestic refining capabilities, and help Indian refiners compete more effectively abroad.
A New Benchmark for Gold
Kirit Bhansali, Chairman of GJEPC, called the guidelines a major milestone for the industry. He noted that international gold markets have traditionally depended on the London Good Delivery standard as a trusted benchmark. Bhansali stated that the Indian framework could enable domestically sourced gold to achieve equivalent recognition, if it gains broader global acceptance.
The Chairman urged prompt government action to secure endorsement from the Organisation for Economic Co-Operation and Development (OECD). He added that India’s trade pacts with the European Union and the United Kingdom could aid these efforts. Increased acceptance, he said, might also support India’s long-term goal of having a stronger influence in global gold pricing.
Traceability and Compliance
The guidelines expand the definition of good delivery to encompass the origin of gold and the integrity of its supply chain. Under this framework, certified refiners must trace incoming gold to its source, evaluate supply-chain risks, validate suppliers, and identify beneficial owners. They must also adhere to responsible-sourcing mandates.
Independent third-party audits will assess compliance. The International Financial Services Centres Authority (IFSCA) will enforce the framework via the bullion market infrastructure at the IFSC. Gold produced by certified refiners meeting the requirements will qualify for delivery on IFSC exchanges and over-the-counter trading platforms.
K. Srinivasan, Convener of GJEPC’s Gold Jewellery Panel Committee, clarified the differences between current Indian standards and the new framework. While the Bureau of Indian Standards has set purity and quality benchmarks for gold bars, the IFSCA guidelines introduce broader criteria for provenance and ethical sourcing. These measures could align Indian refiners with compliance standards expected in major global bullion markets.
These rules apply to gold from mined sources, including concentrate and doré, as well as recycled jewelry and industrial scrap. Refiners must also implement safeguards to prevent sourcing gold from conflict zones. According to Srinivasan, these steps could open new trading avenues, such as access to international bullion exchanges.
Regulatory Credibility and Growth
Sabyasachi Ray, Executive Director of GJEPC, stated the framework emerges at a key juncture for India’s global gold trade ambitions. He highlighted India’s favorable Financial Action Task Force (FATF) peer-review results as a solid basis for enhancing confidence in its regulatory systems.
The framework incorporates key compliance requirements into the accreditation process, including verifying customers and suppliers, identifying beneficial owners, reporting suspicious transactions, and maintaining records for eight years. These measures aim to improve transparency and align Indian refining practices with those of leading international trading hubs.
Ray also mentioned collaborative efforts by Indian industry players, including GJEPC, supported by the World Gold Council, to establish a self-regulatory system for the gold sector. The next focus is practical implementation, including finalizing accreditation procedures, appointing approved auditors, and deploying trading systems for Good Delivery bars. GJEPC has offered its support to IFSCA and the India International Bullion Exchange (IIBX) in turning the guidelines into a functional industry framework.
NITI Aayog has recommended developing an India Good Delivery Standard alongside responsible-sourcing guidelines for refineries. Its policy advice shows the potential for domestic refining to retain more economic value locally, create jobs, and expand export opportunities. A GJEPC study conducted with Boston Consulting Group (BCG) similarly identified bullion exports as a key growth driver for India’s export sector. With a recognized domestic standard, Indian-refined gold could attract wider international buyers and trading platforms, strengthening demand for local products, enhancing supply-chain clarity, and unlocking new opportunities across the gold value chain.
Disclaimer: This information was gathered through secondary research, and TJM Media Pvt Ltd. is not liable for any inaccuracies.
