Page 14 - Bullion World Volume 5 Issue 08 August 2025

Bullion World | Volume 5 | Issue 08 | August 2025 Bullion World | Volume 5 | Issue 08 | August 2025

Key Policy Priorities of PMRF 7. Revamping the Gold Monetisation Scheme (GMS):
Propose a more inclusive, stakeholder-driven GMS
The PMRF aims to engage constructively with model to mobilize idle household gold and reduce
government and regulators to push for the import dependency.
following policy changes:
8. GST Rate Rationalisation: Recommend reducing
1. Correcting the Duty Differential: Advocate for GST on job work (assaying, hallmarking, etc.) from
restoring at least 1.65% import duty differential 18% to 12% to lower operational costs.
between gold dore and bullion, crucial to ensuring
refiners remain competitive. 9. Gold Dore Import via IIBX: Request permission for
importing gold dore through the India International
2. 24Kt Gold Exports: Seek permission for the export Bullion Exchange (IIBX), enabling small and mid-
of 24Kt gold bars and coins, helping Indian refiners sized refiners to access verified dore with ESG
tap global markets and bring in foreign exchange. compliance.

3. Allowing Banks to Buy Domestic Bullion: Push for 10. Relaxation of Net Worth Criteria at IIBX:
a regulatory shift allowing banks to purchase gold Recommend lowering the Qualified Jeweller net
bars from Indian refiners, currently permitted only worth requirement from ₹25 crore to ₹5–10 crore
for foreign refiners. to ensure more legacy refiners can participate in
IIBX.
4. Expanding Dore Import Access: Urge the
government to expand dore sourcing beyond the Why the Refinery Division Matters:
current 10 approved countries to the full list of 80 Essential Industry Highlights
global producers.
1. Gold refiners add critical value by
5. Domestic Spot Exchange Rollout: Support the converting gold dore into pure, market-
rollout of domestic spot exchanges at multiple ready bullion within India, supporting
locations, alongside GST refunds on Electronic domestic employment and foreign
Gold Receipts (EGRs). exchange earnings.
2. Indian refiners face declining
6. Ease of Bank Credit for Refiners: Advocate for competitiveness due to import
reform in bank lending guidelines to ensure concessions on finished bullion, resulting
refiners receive working capital financing without in squeezed margins and operational
being misclassified as speculative borrowers. pressures.
3. Until now, refiners lacked a unified
industry voice to advocate for tailored
policies and reforms specific to their
challenges.

A Long-Awaited Voice for the Refining Industry

This move by IBJA is not just timely-it is critical. India’s gold and silver refining sector stands at a
crossroads where it needs unified representation, progressive reforms, and stronger linkages with
the government. The PMRF aims to fulfill that role by offering a collaborative platform for all LBMA
and BIS-accredited refiners to shape the future of Indian bullion with resilience and credibility.

By initiating PMRF, IBJA reinforces its position as a leading institution driving transparency, growth,
and self-reliance in the precious metals ecosystem - in full alignment with Atmanirbhar Bharat and
the Make in India mission.

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