The Indian government imposes comprehensive restrictions on the import of gold, silver and platinum products
The Indian government announced on Thursday a blanket restriction on the import of every type of article made from gold, silver, or platinum. This decisive measure targets the exploitation of free trade agreements, particularly the pact with the ASEAN bloc.
According to a formal notification from the Directorate General of Foreign Trade (DGFT), these import limitations are absolute and will be enforced without exception. The rules supersede any existing commitments, including prior contracts, irrevocable letters of credit, advance payments, ongoing shipments, or similar arrangements. Consequently, the benefit of any transitional arrangements is explicitly denied.
The notification states that the Import Policy and its conditions for items under Chapter 71 have been revised with immediate effect. This chapter broadly covers natural and cultured pearls, precious and semi-precious stones, precious metals, metals clad with precious metals, various articles, imitation jewelry, and coins.
This action expands upon earlier curbs. On April 1, the government had already limited imports of gold, platinum, and silver jewelry. The latest order now extends restrictions to encompass all jewelry and articles fabricated from these metals, closing potential loopholes.
An industry official highlighted that certain importers were manipulating the India-ASEAN Free Trade Agreement, which has been in force since 2010. The official appealed to the government to simplify licensing procedures to ensure legitimate traders are not adversely affected by the necessary crackdown.
Previously, in November of last year, temporary curbs were imposed on specific platinum jewelry imports until April this year. Similarly, in September 2025, analogous restrictions were enacted on silver jewelry until March this year.
The official explained that some traders sought quick profits by leveraging duty differentials under the FTA. They attempted to circumvent tariffs by misrepresenting imports, particularly bringing in items like studded jewelry from countries such as Thailand under the guise of other product categories.
