Page 43 - Bullion World Issue 01 Volume 06 January_2026

Operational take-aways:
• Consolidation means fewer moving parts in
customs compliance: clearer references, less
ambiguity.
• Tariff value resets affect landed cost, margin
planning, hedging assumptions for importers/
refiners.
• Jewellery makers and refiners should continuously
monitor updates in Chapter 71 codes, tariff value
tables and drawback revisions.

Snapshot & Key Themes for Industry
• Import-policy alignment (HS code realignment +
policy conditions) removes classification ambiguity.
• Access & distribution reforms (TRQ bidding
+ IFSC logistics) enhance transparency and
streamline market flows.
• Financing & risk governance (RBI’s collateral
rules + silver inclusion) upgrade the credit
infrastructure around bullion.
• Investor products & pricing (SEBI’s valuation
shift) reflect maturation of domestic precious-
metals capital markets.
• Quality assurance & formalisation (silver
hallmarking + 9K gold) support trust and scale in
the jewellery sector.
• Customs-tariff clarity (CBIC consolidation + tariff- Conclusion
value resets) reduce complexity and
cost-surprises. 2025 marks a pivot year for India’s
For stakeholders (jewellers, importers, refiners, precious-metals regime: from
lenders, fund houses), the message is: proactivity loosely-aligned classification and
matters. Update classification codes, ensure
compliance with new import/licensing routes, integrate financing norms to a more structured,
hallmarking systems, prepare for silver-backed credit, transparent, and integrated
monitor ETF/valuation changes, and bake in tariff-value
dynamics. ecosystem. The combination of HS-
code harmonisation, improved access
What to Look Out For (Late-2025/2026) frameworks, strengthened collateral
• DGFT’s first round of TRQ online bidding results:
pricing, participants, quota distribution. mechanisms, product-market
• Final SEBI circular implementing the domestic-spot reforms and quality certification
valuation for gold/silver ETFs, with timeline and signals a maturation of the bullion
transition plan.
• BIS move from voluntary to mandatory silver sector. Stakeholders who align early
hallmarking, and rate of 9K gold hallmarking with these changes-classifications,
uptake.
• RBI follow-on clarifications/FAQs regarding access structures, hallmarking, credit
collateral release, valuation sources, silver-loan frameworks-will be best positioned as
underwriting. the market enters 2026.
• CBIC/Customs further clarifications on Chapter
71 codes and tariff-value updates or drawback
revisions.