DGFT Revises Import Policy for Jewellery Items Under ITC HS Codes 71131144 and 71131145

On March 16, 2026, the Government of India, through the Ministry of Commerce & Industry, issued Notification No. 63/2025-26, announcing significant amendments to the import policy for specific jewellery items. This notification, published in the Gazette of India Extraordinary, Part-II, Section-3, Sub-Section (ii), outlines changes to the import policy for items under ITC HS codes 71131144 and 71131145, which are part of Chapter 71 of ITC (HS) 2022, Schedule-I (Import Policy). The revised policy is effective immediately and will remain in force until June 30, 2026.

Key Changes in Import Policy

The notification specifically addresses the import policy for the following items:

ITC HS Code 71131144: Jewellery studded with diamonds of heading 7104.
ITC HS Code 71131145: Jewellery studded with other precious and semi-precious stones.

Previously, the import policy for these items was categorized as “Free,” allowing unrestricted import. However, under the new amendment, the import policy has been revised to “Restricted.” This means that imports of these items will now require prior authorization or approval from the relevant authorities.

Effect of the Notification

The change in import policy is expected to have a significant impact on the jewellery industry, particularly for businesses involved in the import of diamond-studded and other precious or semi-precious stone-studded jewellery. By shifting these items to the “Restricted” category, the government aims to regulate their import more closely, potentially to protect domestic industries, manage foreign exchange reserves, or address other economic or trade-related concerns.

Implementation Timeline

The revised import policy is effective immediately as of March 16, 2026, and will remain in effect until June 30, 2026. Importers dealing with these items must ensure compliance with the new regulations and obtain the necessary approvals for importing these goods during this period.

Legal Basis for the Amendment

The notification is issued under the powers conferred by Section 3 and Section 5 of the Foreign Trade (Development & Regulation) Act, 1992, in conjunction with paragraphs 1.02 and 2.01 of the Foreign Trade Policy, 2023. These provisions empower the Central Government to regulate and amend trade policies to align with national interests.

Implications for Stakeholders

Importers: Businesses importing jewellery under ITC HS codes 71131144 and 71131145 will need to navigate the new “Restricted” import policy. This may involve applying for import licenses or approvals, which could lead to additional administrative requirements and potential delays.
Domestic Jewellery Industry: The restriction on imports may provide a boost to domestic jewellery manufacturers, as it could reduce competition from imported goods and encourage local production.
Consumers: The policy change may impact the availability and pricing of diamond-studded and other precious or semi-precious stone-studded jewellery in the Indian market.

Import Stats

Conclusion

The Government of India’s decision to revise the import policy for jewellery items under ITC HS codes 71131144 and 71131145 reflects its commitment to regulating trade in precious goods. Stakeholders in the jewellery industry should take note of these changes and ensure compliance with the new regulations. The policy amendment is expected to have far-reaching implications for importers, domestic manufacturers, and consumers alike, and its impact will be closely monitored in the coming months.

In case you face any issues related to Indirect Tax-Customs, GST, Foreign Trade Policy (FTP), Arbitration matters and Central Licensing and related advisory matters in India then please feel free to get in touch with SJ EXIM Services.

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Source: DGFT

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