Government will not import this type of jewelery from abroad, import banned


The government on Tuesday banned the import of certain types of gold jewelery studded with gems and precious stones. This move may discourage import of these products from Indonesia and Tanzania. However, the Directorate General of Foreign Trade (DGFT) said that under the free duty agreement between India and the United Arab Emirates (UAE), import of these studded gold jewelery will be allowed even without import authorization in the valid duty rate quota (TRQ).

what is in the notification

The import policy for gold jewelery studded with pearls, certain types of diamonds and other precious and semi-precious stones has been revised from ‘free to restricted’ with immediate effect, DGFT said in a notification. To import restricted items, a license/permission is required from the government. An industry expert said there has been an increase in imports of these items from Indonesia and Tanzania. India has a free trade agreement with Indonesia.

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Gold import increased by 30 percent

According to government data, due to strong domestic demand, gold import in the country increased by 30 percent to $ 45.54 billion in the financial year 2023-24. In the financial year 2022-23, gold import was worth $35 billion. According to the data, the import of precious metal declined by 53.56 percent to $1.53 billion in March this year. Switzerland is the largest source of gold imports, accounting for about 40 percent. After this, the share of United Arab Emirates (UAE) in imports is 16 percent and South Africa’s share is about 10 percent. The share of gold in the country’s total imports has been more than five percent. At present, there is 15 percent import duty on gold. Let us tell you that after China, India is the second largest consumer of gold in the world. This import mainly caters to the demand of the jewelery industry.



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