DGFT Imposes Import Restrictions on Gold, Silver, Platinum Jewellery [Read Notification]
DGFT has restricted imports of gold, silver and platinum jewellery by shifting them from “Free” to “Restricted” category, making licences mandatory with immediate effect.
The Directorate General of Foreign Trade (DGFT), under the Ministry of Commerce and Industry revised the import policy for jewellery items and placed several categories of gold, silver and platinum jewellery under the “Restricted” category.
The notification amends the import policy under Chapter 71 of the ITC (HS) 2022, specifically covering articles of jewellery and their parts. Earlier, many of these items were freely importable without any licence. Under the revised policy, importers will now need to obtain a government licence before importing these goods.
The items affected include:
- Gold jewellery, including plain and studded varieties
- Silver jewellery
- Platinum jewellery
- Jewellery studded with pearls, diamonds and other precious or semi-precious stones
- Parts of jewellery and related items
Several categories such as jewellery with filigree work, studded jewellery and parts of jewellery have been shifted from “Free” to “Restricted”, making imports more regulated.
The DGFT has clarified that the new rules will apply with immediate effect, and will cover all imports regardless of prior arrangements. This means that even if importers have:
- Signed contracts
- Made advance payments
- Opened letters of credit
- Already shipped goods
they will still need to comply with the new restrictions.
The notification also states that the benefit of transitional arrangements under the Foreign Trade Policy will not be available for these changes. This removes any relaxation that is usually provided when policies are revised.
Certain exceptions have been provided. Imports under the India-UAE Comprehensive Economic Partnership Agreement (CEPA), within the prescribed tariff rate quota, will continue to be allowed without an import licence. Additionally, units such as Export Oriented Units and Special Economic Zones will not be affected if the goods are not meant for domestic sale.
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