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What happened
The Indian government has announced new import restrictions on certain types of platinum jewellery, which will be in effect until April 30, 2026. This decision is part of a broader strategy to regulate imports, following similar measures taken in September for silver jewellery. The restrictions require importers to secure a license from the Directorate General of Foreign Trade (DGFT) to import these platinum items. The move is aimed at curbing the import of unstudded jewellery, particularly from Thailand, which is part of the ASEAN free trade agreement. The DGFT's notification indicates a shift in the import policy for platinum jewellery from Free to Restricted status, reflecting the government's ongoing efforts to manage trade balances and protect domestic markets.
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Key insights
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1
New Import Regulations
Importers must now obtain licenses for platinum jewellery.
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2
Previous Silver Restrictions
Similar curbs on silver jewellery were imposed in September.
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3
ASEAN Trade Agreement
Thailand is part of the ASEAN free trade agreement with India.
Takeaways
The import curbs on platinum jewellery reflect India's ongoing efforts to regulate trade and protect its domestic market, following similar actions on silver imports.