Kurentis Jewels Private Ltd, a Mumbai-based manufacturer and exporter of gold jewellery with ITC(HS) code 7113 products forming the core of its operations, sought registration as a Bullion Trading Member on the India Int

Any entity which is actively involved in dealing with goods that fall under specific ITC(HS) codes i.e.7108, 7113, 7114 and 7118 shall be eligible to apply for 'Qualified Jeweller(s)'. These codes relate to products under Chapter 71 of ITC(HS), which includes: Gold (including gold plated with platinum) unwrought or in semi-manufactured forms, or in powder form Articles of jewellery and of precious metal or of metal clad with precious metal Articles of goldsmiths' or silversmiths' wares and of precious metal or of metal clad with precious metal Coin (other than gold coin) and other similar items The business must primarily deal in gold, gold jewellery, or other precious metal products. Only businesses already operating in the precious metals sector are eligible. Minimum Net Worth Requirement The entity must have a minimum net worth of ₹ 15 crore, based on its latest audited financial statements. The business must be financially strong, with assets that clearly show a net worth of at least ₹ 15 crore. This requirement ensures that only reputable and stable companies participate in the bullion market, given the high-value nature of gold and precious metals. 'Net Worth' means the aggregate value of the paid-up share capital (or capital contribution) and all reserves created out of the profits, securities premium account and debit or credit balance of profit and loss account, after deducting the aggregate value of the accumulated losses, deferred expenditure and miscellaneous expenditure not written off, as per the balance sheet, but does not include reserves created out of revaluation of assets, write-back of depreciation and amalgamation. The entity shall provide the net worth certificate from a practising company secretary or practising chartered accountant or a practising cost accountant. The entity must maintain the net worth specified above at all times and the same shall be reviewed by IIBX on a half-yearly basis. The computation of Net Worth according to latest audited balance sheet as at March 31, 2025 is as under: - Paid-up Share Capital ₹ 8 crore General Reserves ₹ 9 crore Securities Premium ₹ 2 crore Revaluation reserve of ₹ 3 crore created upon upward revision of its factory premises (It is not created out of the profits, so ignored) Nil Less: Profit and loss account showing debit balance on account of accumulated losses ₹ 1.50 crore Less: Deferred expenditure not yet written off ₹ 0.50 crore Net Worth ₹ 17.00 crore The net worth of Kurentis Jewels Private Ltd is ₹ 17.00 crore, which exceeds the mandatory threshold of ₹ 15.00 crore. Therefore, Kurentis Jewels Private Ltd is eligible for registration as a Bullion Trading Member. Furthermore, since the company deals in ITC(HS) code 7113 (Gold Jewellery), it satisfies the sectoral activity requirement. Mehul Shah, Practising Company Secretary, may proceed with issuing the certificate based on this valuation.