Notification No. 48/2025-26, Dated 17-11-2025
1. Overview
The Directorate General of Foreign Trade (DGFT) has issued a notification amending the import policy for platinum jewellery classified under Chapter 71, Schedule I of the ITC (HS) 2022).
Until now, these items—described as “unstudded platinum jewellery”—were permitted for import under the ‘Free’ category.
2. Key Policy Change
With immediate effect, the DGFT has revised the import policy for platinum jewellery from ‘Free’ to ‘Restricted’.
This change means that:
- Imports will now require specific authorisations,
- Additional conditions or approvals may apply, and
- Trade will be subject to closer monitoring and regulatory oversight.
The shift places platinum jewellery imports within a controlled import regime.
3. Duration of Restriction
The revised import policy will remain in force until 30 April 2026.
This temporary restriction allows the Government to regulate import volumes and assess market conditions during the specified period.
4. Likely Policy Considerations
Although not explicitly stated, the policy shift may be driven by factors such as:
- Management of trade balance and foreign exchange outflows,
- Support for domestic jewellery manufacturers, or
- Market monitoring and compliance requirements related to precious metals.
5. Significance
The amendment signals heightened regulatory attention on imports of high-value precious metal products. Importers, jewellers, and authorised dealers must update their compliance processes in line with the revised ‘Restricted’ policy classification.
