The Indian government has tightened rules on importing certain platinum jewellery items. Starting immediately, specific types of platinum jewellery, especially unstudded pieces, are now “restricted” and require an import licence from the Directorate General of Foreign Trade (DGFT). These measures will stay in place until 30 April 2026.
The move comes after concerns that some traders were exploiting duty-free import provisions. The India Bullion & Jewellers Association (IBJA) noted that certain jewellery pieces imported under free-trade agreements with countries like Thailand contained high gold content, but were classified as platinum, allowing importers to avoid customs duties.
Officials also pointed out that some imported jewellery was being melted down and sold domestically, bypassing the 6–6.4% duty applicable on platinum. By imposing licensing requirements, the government aims to close loopholes, prevent revenue loss, and support local jewellery makers.
Industry experts say the curbs will increase paperwork for importers but could benefit domestic manufacturers by reducing cheap overseas competition. The restrictions follow similar measures taken earlier for silver jewellery and platinum alloys with lower purity, aimed at preventing misuse of free-trade agreements and controlling non-essential precious metal imports.
Overall, the government’s new rules are designed to balance trade, protect domestic businesses, and ensure that platinum imports are used appropriately in the jewellery sector.
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