National News
DGFT notifies revised HS codes for precious metal imports
The Directorate General of Foreign Trade (DGFT), Ministry of Commerce & Industry, has updated the rules for importing gold, silver, and platinum following announcements made in this year’s Union Budget. The new rules are effective from 1 May 2025, and include revised HS codes for precious metals and clarify who can import them. A similar notification has already been issued by the Central Board of Indirect Taxes and Customs (CBIC).
For gold (including gold plated with platinum)—unwrought or in semi-manufactured forms, with 99.5% or higher purity—imports are restricted to:
Nominated agencies notified by the RBI (for banks) or DGFT (for other agencies),
Qualified Jewellers (as notified by IFSCA) through the India International Bullion Exchange (IIBX),
Valid India-UAE TRQ holders (as notified by IFSCA) importing via IIBX, with physical delivery through IFSCA-registered vaults in SEZs.
Additionally, gold dore imports are allowed for licensed refineries under the Actual User (AU) condition.
Silver and platinum imports have also been aligned with purity-specific conditions, with imports either permitted freely or routed through authorised agencies.
National News
WGC India Gold Market Update: Import Tightening
Part Of A Broader Push To Conserve Foreign Exchange Reserves Amid Geopolitical Uncertainty and Mounting Pressure On The INR
Highlights
- Gold import duty was raised sharply by 9%– from 6% to 15%, the steepest increase on record – alongside broader regulatory tightening
- Domestic gold prices have not yet fully reflected the duty hike amid weak demand and ample supply; local markets are currently in deep discount from the landed price
- Past trends indicate that higher duty increases unofficial inflows, although official imports remain relatively resilient
- Gold demand is expected to moderate in 2026, with jewellery and bar and coin demand projected to decline by 50–60t (~10% y/y) on account of the import duty hike.
Policy actions on gold imports
Since early April, the government has adopted a series of measures aimed at moderating gold imports. These have been part of a broader push to conserve foreign exchange reserves amid geopolitical uncertainty and mounting pressure on the INR, which has depreciated by more than 7% y-t-d. These measures include price-based actions, administrative and regulatory tightening, and consumer-directed messaging. While noteworthy, they are not unprecedented; gold is among the top five imports for India, accounting for 8% of the country’s merchandise imports in 2025, and similar measures have been utilised in the past.
On the price front, the gold import duty was raised sharply from 6% to 15%, making it the single largest increase on record and fully reversing the duty cut of July 2024. Rules were also tightened for gold imports linked to exports (under the advance authorisation scheme), and the Prime Minister has directly appealed to consumers, urging them to avoid buying gold for a year.
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