India Imposes Import Curbs on Platinum Jewellery Until April 2026

The Indian government has announced new import restrictions on specific categories of platinum jewellery. This policy, effective immediately, will remain in place until April 30, 2026. The Directorate General of Foreign Trade (DGFT) issued a notification stating that the import policy for these platinum jewellery items has been revised from 'Free' to 'Restricted'. This means that any importer wishing to bring these goods into India will now require a specific license issued by the DGFT.

This development comes shortly after the government imposed similar restrictions on the import of certain silver jewellery until March 31, 2025. The earlier move was reportedly aimed at curbing imports of unstudded silver jewellery from Thailand, which is a member of the Association of Southeast Asian Nations (ASEAN). India currently holds a Free Trade Agreement (FTA) with the ASEAN group.

Impact

This restriction is likely to reduce the inbound flow of foreign platinum jewellery into India, potentially creating a more favourable environment for domestic jewellery manufacturers. It could lead to increased demand for locally produced platinum jewellery and may influence prices, depending on the availability of domestic supply and the exact scope of the "certain types" of jewellery affected. For businesses involved in importing platinum jewellery, this requires immediate adaptation to secure the necessary licenses.

Difficult Terms

Directorate General of Foreign Trade (DGFT): An authority under the Ministry of Commerce and Industry, Government of India, responsible for promoting exports and imports.

Free Trade Agreement (FTA): An agreement between two or more countries to reduce barriers to imports and exports among them.

ASEAN (Association of Southeast Asian Nations): A regional intergovernmental organization comprising ten member states in Southeast Asia.