The Indian authorities has imposed restrictions on the import of specified gold jewelry and articles in a notification issued on Tuesday bringing them to the ‘restricted’ class from ‘free’ with instant impact.
Which means that import of the indicated objects, which incorporates gold jewelry studded with pearls, diamonds and valuable & semi-precious stones, will now require an import authorisation (authorities allow).
The restrictions will, nonetheless, not apply to imports beneath the India-United Arab Emirates Complete Financial Partnership Settlement (CEPA), per the notification issued by the Directorate Normal of International Commerce (DGFT) on Tuesday.
“The import coverage of ITC (HS) code 71131912, 71131913, 71131914, 71131915, 71131960 has been amended from “free” to “restricted” with instant impact. Nevertheless import beneath ITC (HS) codes 71131912, 71131913, 71131914 and 71131915 shall be permitted with out restricted import authorisation beneath a legitimate India-UAE CEPA TRQs,” the notification famous.
Final July, the DGFT had imposed import restrictions on unstudded jewelry made from gold, and different articles made from gold. Imports beneath the India-UAE CEPA had been exempted.
“The import restrictions on gold jewelry and articles is to accord extra safety to home jewellers and in addition to encourage jewelry exports,” an business supply mentioned.
India’s gold imports elevated by 30 per cent to $ 45.54 billion throughout 2023-24, based on authorities figures.