National News
GJEPC & IIBX achieve milestone with first duty-free gold import under advance authorization scheme
India’s First Duty-Free Gold Import Achieved via IIBX and GJEPC under DGFT’s I-Ux+ Scheme, Marking a New Era of Transparent and Regulated Bullion Trade
The India International Bullion Exchange (IIBX), in collaboration with the Gem & Jewellery Export Promotion Council (GJEPC), has achieved a major milestone by facilitating the country’s first-ever duty-free import of gold under the Directorate General of Foreign Trade’s IU X +. This breakthrough marks a new chapter in India’s bullion market, aligning with the government’s vision to streamline bullion imports through transparent and regulated channels.

Ashok Gautam, Managing Director & CEO, IIBX, said, “We thank the Gem & Jewellery Export Promotion Council (GJEPC) for the confidence it has bestowed on us. In our endeavour to support jewellery exports from India, IIBX has successfully enabled Advance Authorisation License Holder Qualified Jewellers to import bullion. The first transaction has been successfully concluded and cleared by Customs.”
The International Financial Services Centres Authority (IFSCA), through its latest circular issued on October 10, 2025, has consolidated and updated guidelines to enable Qualified Jewellers and India-UAE CEPA Tariff Rate Quota (TRQ) Holders to import gold and silver through IIBX. The circular simplifies eligibility norms, operational procedures, and compliance requirements, making the process more inclusive and efficient.
Under this mechanism, jewellers holding DGFT’s Advance Authorisation License and notified as Qualified Jewellers by IFSCA can now import gold through IIBX without paying import duty, provided the metal is used for jewellery meant for export. The platform ensures full transparency, traceability, and regulatory compliance throughout the transaction chain-from purchase on IIBX to clearance by Customs.
The development is expected to significantly boost India’s jewellery exports by reducing input costs and improving liquidity for exporters. It also strengthens IIBX’s role as a trusted global bullion marketplace operating from GIFT City’s International Financial Services Centre (IFSC).
National News
Bengaluru-based lab-grown diamond jewellery startup ONYA raises ₹5.5 crore in pre-seed funding led by Zeropearl VC
The brand scales to four profitable high-street stores in Bengaluru, touching ₹2 crore MRR in 11 months
ONYA, one of India’s fastest-growing offline-first, premium lab-grown diamond jewellery brands, has raised Rs.5.5 crore in a pre-seed round led by Zeropearl VC. The round also saw participation from prominent angel investors including MyGate founders Vijay Arishetty, Abhishek Kumar, Shreyans Daga, and Rohit Jindal; UrbanVault founder Amal Mishra; and Alkendra Pratap Singh, Managing Director of Crescendo Industries Pvt. Ltd. and Director of KE Engineers Pvt. Ltd., among others. The fresh capital will be used to accelerate ONYA’s offline retail expansion across major Indian cities.
ONYA, short for “On You,” was founded on a simple idea: to create art that looks good On You. The inspiration came from a deeply personal moment when two people ready to begin their life together realized that the ring they loved was beyond reach. That experience sparked a mission to make beautifully designed and meaningful diamond jewellery accessible to everyone. Today, ONYA stands for crafting soulful lab-grown diamond pieces that mark life’s most cherished celebrations in every Indian home.
Within 11 months, ONYA has expanded to four profitable high-street stores in Bengaluru, achieving a monthly revenue run rate of ₹2 crore. The company has also strengthened its leadership team with the appointment of Gaurav Choudhary, former Director of Products at xto10x, who joins as Co-founder.

Himani Yadav, Founder of ONYA, said, “ONYA didn’t begin as a business idea — it began with a personal moment. My engagement ring was a lab-grown diamond long before the category became mainstream, and that experience made me realize how many people felt priced out of meaningful jewellery. ONYA was created to change that by bringing emotion, accessibility, and intention back into fine jewellery.
Being backed by Zeropearl VC at this stage — and by someone like Bipin, who brings a decade of deep consumer-brand investing experience, including in jewellery — adds immense value and clarity to our journey. The fact that ONYA fits naturally into Zeropearl VC’s Indiluxe thesis reinforces that we’re building in the right direction. This partnership gives us the confidence to take thoughtfully designed lab-grown diamonds to more homes across India.”
Bipin Shah, Founder and Managing Partner, Zeropearl VC, said At Zeropearl VC, we back founders who deeply understand the problem they’re solving — and Himani’s clarity stood out from day one. The ONYA team is already showing early signs of cracking an offline & Design first approach in premium lab-grown diamond space which strongly aligns with our Indiluxe thesis. Young India’s shift in how they view jewellery is undeniable, and ONYA is building right at that inflection point.

Their design focus and customer obsession give us strong confidence — and we see this as a gateway to expanding into more premium, next-gen consumer categories over time.” ONYA’s jewellery features IGI-certified lab-grown diamonds set in BIS Hallmarked gold, blending scientific precision with elegant design. With this investment, ONYA plans to expand its product lines, open more customer-first experience stores, and deepen its connection with India’s growing base of conscious luxury
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