DGFT Restricts Import of Gold, Silver, and Platinum

“Indirect Tax I Indirect Tax Litigation I Customs & FTP I Central Licensing I Arbitration I Advisory”

Dated: 02.06.2025

DGFT Restricts Import of Gold, Silver, and Platinum

The Directorate General of Foreign Trade (DGFT), under the Ministry of Commerce and Industry, has issued Notification No. 08/2025-26 dated 19 May 2025, revising the Import Policy and Policy Conditions for key products under Chapter 71 of ITC (HS) 2022, in alignment with the Finance Act, 2025.

The notification introduces new ITC (HS) codes, updates classifications, and places import restrictions on certain grades of gold, silver, and platinum, thereby streamlining import channels and tightening regulatory controls.

Key Highlights of the Notification

Silver (HS Code 7106)

New Code 71069120: Silver (unwrought) containing 99.9% or more by weight – Restricted
- Import allowed only through nominated agencies notified by:
  - RBI (for banks)
  - DGFT (for others)
  - IFSCA (for imports via IIBX)
Bar Forms (71069221 & 71069229):
- Free, but subject to RBI regulations

Gold (HS Code 7108)

New Code 71081210: Non-monetary gold with 99.5% or more purity – Restricted
New Code 71081290: Other non-monetary gold – Restricted

Import allowed only through:

Nominated agencies by RBI/DGFT
Qualified jewellers via India International Bullion Exchange (IIBX)
TRQ holders under the India-UAE CEPA, subject to IFSCA guidelines
Gold Dore: Can only be imported by refineries with an Actual User (AU) license

Platinum (HS Code 7110)

Unwrought or Powder Form – 99% purity: Free
Other categories: Restricted
- Imports limited to nominated agencies under RBI/DGFT control

Key Policy Effects

Brings Chapter 71 of the ITC (HS) in line with the Finance Act 2025.
Introduces new sub-classifications for purity-based differentiation.
Establishes clear restrictions and channelized import routes for precious metals, including IIBX and SEZ-bound supply chains.
Ensures compliance with monetary policy, bullion exchange regulations, and CEPA frameworks.

Implications for Importers & Market Participants

Importers of precious metals must ensure compliance with the updated codes and sourcing channels.
Jewellers and bullion traders must register with IFSCA or DGFT and operate through IIBX for eligible transactions.
Refineries must hold AU licenses to import Gold Dore.
TRQ quota holders under India-UAE CEPA now have defined procedural routes via SEZ vaults.

Conclusion

Notification No. 08/2025-26 marks a major shift in India’s precious metals import framework, strengthening traceability, channel oversight, and financial regulation. Stakeholders in bullion trade, jewellery manufacturing, and precious metal refining are advised to realign their import strategies in line with the new ITC (HS) codes and procedural conditions.

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Source: DGFT

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