The DGFT said the new restriction on platinum jewellery imports will remain in force until April next year, requiring prior approval for all such consignments.
The government has revised the import policy for these platinum items from “Free” to “Restricted,” meaning importers must now obtain a licence from the Directorate General of Foreign Trade (DGFT)
The decision follows concerns raised by the India Bullion and Jewellers Association (IBJA), which said bullion dealers had been importing platinum-alloy jewellery duty-free even though the products contained nearly 90% gold along with small quantities of silver and platinum. IBJA had urged authorities to close this loophole, as per a Reuters report.
The latest curbs come soon after similar action in September, when the government restricted imports of certain silver jewellery until March 31 next year. That move targeted rising imports of unstudded jewellery from Thailand under India’s free trade agreement with the ASEAN bloc.