Government implements import restrictions on certain gold jewellery and articles

Imports of pearls, precious and semi-precious stones dipped by 25.36 percent to about $4 billion during April-May this fiscal. Gold imports too contracted by about 40 percent to $4.7 billion in the same period.

The government has implemented import restrictions on certain gold jewellery and articles, aiming to reduce the import of non-essential items. Under the new rules, importers will now be required to obtain permission or a licence from the government for importing certain gold items into the country.

The Directorate General of Foreign Trade (DGFT) made it clear that the import limitations will not apply to imports made in accordance with the free trade agreement between India and the United Arab Emirates.

The import policy for the listed items has been changed from "free" to "restricted" with immediate effect, according to a notification from the Directorate General of Foreign Trade (DGFT).

Imports of pearls, precious and semi-precious stones fell by 25.36% during the first two months of the current fiscal year, totaling around $4 billion. Additionally, gold imports decreased by about 40% over the same time to $4.7 billion.

During April and May of the current fiscal year, there was a 10.24% decline in total merchandise imports, which came to $107 billion.