Post by : Badri Ariffin

In a significant move affecting the luxury jewellery sector, the Indian government has imposed restrictions on the import of certain types of platinum jewellery, effective immediately and continuing until April 30, 2026. Importers are now required to secure a licence from the Directorate General of Foreign Trade (DGFT) to bring these products into the country.

This follows a similar measure taken in September, when restrictions were placed on certain silver jewellery imports till March 31, 2026, primarily to check imports of unstudded silver jewellery from Thailand. India maintains a free trade agreement with the ASEAN bloc, of which Thailand is a member, leading to concerns about excessive import volumes under this trade channel.

The DGFT’s latest notification revises the import policy of platinum jewellery from “Free” to “Restricted,” signaling a clear intent to regulate foreign inflows and protect domestic manufacturers. Analysts suggest that while this step may slightly tighten supply in the short term, it could encourage local production and strengthen the domestic jewellery market.

Industry observers point out that platinum jewellery has been gaining popularity in India for its durability and modern appeal, but rising imports, especially under free trade channels, have been impacting local businesses. By mandating import licenses, the government aims to strike a balance between market demand and domestic industry protection, ensuring sustainable growth in the luxury jewellery segment.

The curbs are expected to affect both large-scale importers and small retailers, who may need to adjust sourcing strategies while complying with the new DGFT rules.

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