India Imposes Import Restrictions on Gold, Silver, Platinum: What It Means


To prevent misuse of free trade agreements, India has placed import restrictions on all forms of gold, silver, and platinum articles, effective immediately.

Gold, silver bars

Photograph: Lisi Niesner/Reuters

Key Points

  • India has imposed import restrictions on all gold, silver, and platinum articles to prevent misuse of free trade agreements.
  • The new import restrictions apply immediately, irrespective of existing contracts or payment arrangements.
  • The government aims to prevent traders from exploiting duty differentials under the India-Asean FTA.
  • Previous restrictions were placed on platinum and silver jewellery imports, now extended to all forms of these metals.
  • The move seeks to curb imports of precious metals disguised as unstudded jewellery from countries like Thailand.

The government on Thursday imposed import curbs on all forms of articles of gold, silver and platinum, a move aimed at checking misuse of free trade agreements (FTAs).

These restrictions will apply irrespective of any prior contract, irrevocable letter of credit, advance payment, shipment status, or any other commitment, the Directorate General of Foreign Trade (DGFT) said in a notification.

 

Accordingly, the benefit of transitional arrangements shall not be available.

“The Import Policy and Policy Condition of items … covered under Chapter 71 … is revised … with immediate effect,” it said.

The chapter includes natural or cultured pearls, precious or semi-precious stones, precious metals, metals clad with precious metal, articles, imitation jewellery, and coins.

On April 1, the government announced curbs on imports of gold, platinum and silver jewellery.

With this, now there are restrictions on all gold, silver and platinum jewellery imports.

Industry Reaction and FTA Concerns

An industry official said that some importers were misusing the India-Asean FTA.

The official urged the government to make the licensing procedure easy so that genuine players do not suffer from the move.

India has a free trade pact in goods with the 10-nation South East Asian nation bloc Asean since 2010.

Background on Previous Restrictions

In November last year, the government imposed import curbs on certain types of platinum jewellery till April this year.

In September 2025, similar curbs were imposed on silver jewellery till March this year.

Some traders were trying to use the FTA to make a quick buck by exploiting duty differentials and circumventing tariffs, the official said, adding the move was aimed at curbing imports of these precious metals in the name of unstudded jewellery from countries like Thailand.



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