India has introduced new restrictions on imports of certain platinum jewellery items, marking another move to strengthen oversight of the precious metals trade and curb potential revenue losses.
According to a recent notification from the Directorate General of Foreign Trade (DGFT), unstudded platinum jewellery has been shifted to the “restricted” category until April next year. Importers will now require formal government approval to bring in these products—goods that had previously entered the country without limitations. The step mirrors an earlier policy that placed curbs on plain silver jewellery imports through March.
The decision comes at a challenging time for India’s gems and jewellery industry. Soft international demand and escalating prices of precious metals have weighed heavily on the sector. In October, India’s gross jewellery exports contracted by more than 30% year-on-year, falling to $2.17 billion, as reported by the Gem and Jewellery Export Promotion Council (GJEPC).
Industry associations had recently raised concerns about traders exploiting loopholes in the import framework. The new restriction aims to seal such gaps, helping authorities prevent irregular practices that reduce import duties and distort market competition. As one of the world’s largest gold-consuming nations, India’s trade balance is highly sensitive to fluctuations in precious metal inflows.
The updated policy also addresses a trend highlighted by Surendra Mehta, national secretary of the India Bullion and Jewellers Association (IBJA). Some traders had been importing platinum jewellery containing roughly 90% gold via Free Trade Agreement (FTA) channels at zero customs duty—an approach that disadvantaged legitimate jewellers. The tightened rules are expected to halt such practices and restore fair trade conditions.
Disclaimer: This information has been collected through secondary research and TJM Media Pvt Ltd. is not responsible for any errors in the same.
