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India restricts imports of certain gold jewellery and products

by xyonent
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In a notification issued on Tuesday, the Indian government imposed restrictions on import of certain gold jewellery and articles, classifying them from ‘free’ to ‘restricted’ category with immediate effect.

This means that import of specified items, including pearls, diamonds and gold jewellery studded with precious and semi-precious stones, will now require an import license (government permission).

However, the restrictions will not apply to imports under the India-UAE Comprehensive Economic Partnership Agreement (CEPA), according to a notification issued by India’s Directorate General of Foreign Affairs and Trade (DGFT) on Tuesday.

“The import policy for ITC(HS) codes 71131912, 71131913, 71131914, 71131915 and 71131960 has been amended from ‘Free’ to ‘Restricted’ with immediate effect. However, imports under ITC(HS) codes 71131912, 71131913, 71131914 and 71131915 will be allowed without restricted import permit under a valid India-UAE CEPA TRQ,” the notification said.

In July last year, the DGFT had imposed import restrictions on non-studded jewellery made of gold and other articles made of gold, imports of which were exempted under the India-UAE CEPA.

“The import curb on gold jewellery and products is to provide additional protection to domestic jewellers and also boost jewellery exports,” an industry source said.

India’s gold imports are expected to grow 30% to $45.54 billion between 2023-2024, according to government statistics.

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