The Centre, through the Directorate General of Foreign Trade (DGFT), has amended its palladium and rhodium import policy, restricting in-bound alloys that have more than one percent of gold by weight, several media outlets, including CNBC-TV18 reported on June 18, citing sources.
Moneycontrol is yet to verify this development and is awaiting an official notification from the DGFT.
A palladium and rhodium alloy containing gold is primarily used in jewellery for white gold, as well as for dental applications. Palladium, rhodium, and iridium are added to gold to create a white, lustrous and durable alloy.
There had been recent news reports of importers misusing loopholes to import platinum alloy with large quantity of gold, and availing import duty exemption, given that industrial compounds with gold attract lower duty compared to that on gold import.
Prices for platinum-group metals – platinum, palladium, rhodium, ruthenium, iridium – have been rangebound in the past 12 months, with Rhodium prices seeing some recovery in early 2025, but palladium and platinum staying subdued despite global deficits, weighed down by weakness in demand, according to a recent IEA report. Globally, the automotive sector is the primary end-user of platinum, palladium and rhodium, accounting for about 45% of platinum demand and up to 90% for palladium and rhodium.
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