National News
India puts restrictions on Platinum alloy imports
India has announced restrictions on imports of unwrought platinum and platinum powder, with an exception for alloys containing at least 99% pure platinum, according to a government notification issued on Wednesday.
The Directorate General of Foreign Trade (DGFT) revised the import policy for platinum, moving certain categories from the “free” list to the “restricted” list.
Under the new policy, imports of unwrought platinum, platinum powder, and other specified forms require authorization from the DGFT, except for platinum alloys that have a purity of 99% or more by weight.
To ensure a steady supply for jewelry and industrial uses, the government has allowed the unrestricted import of platinum alloys with a purity of at least 99%.
This change comes in response to concerns that some importers were taking advantage of tariff differences by blending gold with platinum to bypass higher import duties on gold.
The economic think tank GTRI had earlier raised concerns about the duty-free imports of gold, silver, platinum, and diamonds from the UAE, cautioning that the arrangement could be exploited to avoid tariffs.
In October of the previous year, India voiced concerns over the rising imports of silver products, platinum alloys, and dry dates from the UAE, calling for stricter enforcement of the rules of origin under the Free Trade Agreement (FTA). Following discussions, the UAE agreed to address India’s concerns.
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
HighlightsÂ
- 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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