India's DGFT restricts imports of gold, silver and platinum jewellery
Importers must secure DGFT licences before clearing gold, silver or platinum jewellery
Change
India's Directorate General of Foreign Trade (DGFT) reclassified imports of gold, silver and platinum jewellery (CTH 7113) from 'Free' to 'Restricted', requiring prior DGFT approval or a licence with immediate effect.
Why it matters
The restriction applies irrespective of existing contracts, irrevocable letters of credit, advance payments or shipment status; transitional arrangements do not apply. Imports by 100% Export Oriented Units, units in Special Economic Zones and consignments under approved gems-and-jewellery export schemes are exempt from the licensing requirement.
Implications
- — Importers and customs brokers handling jewellery consignments must obtain prior DGFT permission or a licence before filing import entries immediately — consignments without prior DGFT approval are ineligible for import under the revised CTH 7113 classification.
- — Trade‑finance teams at banks advising or funding letters of credit for jewellery imports must confirm a valid DGFT licence is in place before issuing, advising or paying against L/Cs now — funding shipments lacking the licence risks financing consignments that cannot be imported.
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Source
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