The Gem & Jewellery Export Promotion Council (GJEPC) has urged the Government to expedite international recognition and the implementation of the India Good Delivery Gold framework, following the notification of the International Financial Services Centres Authority (IFSCA) (Good Delivery) Guidelines, 2026. The framework is expected to strengthen responsible sourcing, build confidence in Indian-refined gold and create opportunities for bullion exports.
Kirit Bhansali, Chairman, GJEPC, said: “GJEPC warmly welcomes the IFSCA (Good Delivery) Guidelines, 2026 which was notified yesterday. This is a landmark step for India’s gold bullion industry and ecosystem. Until now, the world’s most trusted gold bars came with a ‘London good delivery’ stamp of confidence. With these guidelines, gold refined in India can carry the same level of trust. The guidelines set clear rules on where a refinery’s gold comes from and how it is checked, and those rules follow global norms. We now urge the Government to move quickly to get India’s Good Delivery standard recognised by the OECD. India’s recent trade agreements with the European Union and the United Kingdom give us a strong platform for acceptance by OECD, because the OECD is headquartered in Paris and the LBMA in London. Global recognition will make India also a serious voice in setting world gold prices, which has long been our national ambition.”
The guidelines establish a framework for quality assurance, responsible sourcing and traceability in gold refining. IFSCA, India’s unified regulator for financial products, services and institutions operating in International Financial Services Centres, will implement the framework through the Bullion Exchange in the IFSC. Gold from accredited refiners that meets the prescribed requirements can qualify for delivery on IFSC exchanges and for over-the-counter trading.
The framework extends beyond the purity and quality of gold bars to address their provenance. Refiners must trace raw gold to its source, assess supply-chain risks, verify suppliers and beneficial owners, and meet applicable responsible-sourcing requirements. Independent third-party audits will provide additional assurance.
K. Srinivasan, Convener, Gold Jewellery Panel Committee, GJEPC, said: “Until now, ‘good delivery’ in India was defined only by the Bureau of Indian Standards, and only for the purity and quality of the gold bar itself. That told buyers how pure the gold bullion bar was, but not where it came from. The new IFSCA guidelines fill that gap. Refiners must now trace their raw gold back to its source, whether a mine (for gold concentrate or gold dore), recycled jewellery or industrial scrap. They must also avoid gold from conflict zones. Every accredited refiner will be checked by independent auditors. This puts Indian refiners on the same footing as the best in the world. In future India can trade gold produced at its refineries through Dubai Bullion Exchange too.”
Sabyasachi Ray, Executive Director, GJEPC, said: “These guidelines come at the right time. India recently earned an excellent rating in its peer review by the Financial Action Task Force (FATF), the global watchdog against money laundering and terror financing. The IFSCA India Good Delivery framework for gold builds on that credibility. What was required at the legal level like refiners to know their suppliers, verify who really owns them, flag and report suspicious deals, and keep records for eight years is now encapsulated under these guidelines as a standard to get accrediting. These are the same standards followed at major gold trading centres such as London or New York. Also Indian stakeholders including GJEPC, with facilitation from World Gold Council, have recently created the self-regulatory system like LBMA for gold. The next step will be to make the system work on the ground. We hope IFSCA and the India International Bullion Exchange (IIBX) will soon put in place the accreditation norms, the panel of approved auditors and the trading systems for Good Delivery bars. GJEPC is always ready to extend its full support. Our recent study with Boston Consulting Group (BCG) also identifies bullion exports as a major export growth opportunity for India. With this framework, gold refined in India can be traded on bullion exchanges and exported to world markets as a trusted Indian product.”
The initiative follows the recommendations by NITI Aayog, a policy think tank, which had called for an India Good Delivery Standard and responsible-sourcing guidelines for refineries. The report highlighted the potential of domestic refining to retain more value within India, generate employment and support exports.