India introduced import restrictions on certain types of platinum jewelry on Monday, citing misuse of the 0% import duty provision.
The Directorate General of Foreign Trade (DGFT) stated in its latest notification that the import policy for platinum jewelry has been revised from free to restricted, effective immediately until April 30, 2026. Importers are now required to obtain a license from the DGFT to bring in these items.
The decision aims to place platinum jewelry under the same oversight as silver jewelry, which has been restricted since September until March 31, 2026, to curb misuse of India’s free trade agreement (FTA) with ASEAN nations.
Until now, platinum articles with 90% gold content could be imported freely. However, some traders were taking advantage of the India-ASEAN FTA to bring them in at zero duty and then converting them into gold bars, thereby avoiding the 6% import duty on gold, according to Surendra Mehta, national secretary of the India Bullion and Jewelers Association (IBJA).
Similar curbs were earlier placed on silver after authorities discovered that importers were routing large volumes of unstudded jewelry under concessional tariff rules.
India’s FTA with ASEAN permits duty-free or reduced-duty access for certain items, which the government believes was being exploited to increase imports of high-value precious metals.
The move is part of the government’s wider strategy to limit non-essential imports, safeguard foreign exchange reserves, and maintain fair trade practices under bilateral and regional trade deals.
According to the new notification, all platinum jewelry shipments, including unstudded and semi-finished pieces, now need prior approval.
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