New Delhi:
The government imposed import restrictions on all articles of gold, silver, and platinum, a move aimed at preventing misuse of free trade agreements (FTAs). The Directorate General of Foreign Trade (DGFT) stated that these curbs will apply regardless of prior contracts, irrevocable letters of credit, advance payments, shipment status, or any other commitments, and transitional arrangements will no longer be available.
The DGFT notification revised the import policy and conditions for items covered under Chapter 71, which includes natural or cultured pearls, precious and semi-precious stones, precious metals, metals clad with precious metals, articles, imitation jewellery, and coins. The restrictions come into effect immediately.
The government had announced curbs on imports of gold, platinum, and silver jewellery. With this latest move, the restrictions now cover all forms of gold, silver, and platinum articles. Industry officials noted that some importers were exploiting the India-ASEAN FTA to evade tariffs and gain unfair advantages. They have requested that the government simplify the licensing process to ensure that genuine traders are not adversely affected.
India has had a free trade agreement in goods with the 10-member ASEAN bloc since 2010. Over the past year, the government has periodically imposed import curbs to control specific imports: certain types of platinum jewellery were restricted until April 2026, and silver jewellery faced similar restrictions until March 2026. Officials explained that some traders were misusing the FTA to import precious metals as unstudded jewellery from countries like Thailand, taking advantage of duty differentials. The new measures aim to curb such practices while regulating imports of gold, silver, and platinum more effectively.