{"id":21923,"date":"2023-07-13T14:59:44","date_gmt":"2023-07-13T09:29:44","guid":{"rendered":"https:\/\/gjepc.org\/solitaire\/?p=21923"},"modified":"2023-07-13T14:59:44","modified_gmt":"2023-07-13T09:29:44","slug":"indian-government-implements-restrictions-on-gold-imports","status":"publish","type":"post","link":"https:\/\/gjepc.org\/solitaire\/indian-government-implements-restrictions-on-gold-imports\/","title":{"rendered":"Indian Government Implements Restrictions on Gold Imports"},"content":{"rendered":"<p>The Directorate General of Foreign Trade (DGFT), Department of Commerce, Ministry of Commerce &amp; Industry, has announced amendments to the import policy and policy conditions for certain categories of gold in India. The notification dated 12<sup>th<\/sup> July 2023, published in the Gazette of India Extraordinary Part \u2013 II, Section-3, Sub-Section (ii), signifies a shift from \u201cFree\u201d to \u201cRestricted\u201d import status for specific HS codes related to gold.<\/p>\n<p>Under the revised regulations, HS code 71131911, which pertains to unstudded gold, will be subject to restrictions on imports. However, a significant exception has been made for importers operating under a valid India-UAE Comprehensive Economic Partnership Agreement (CEPA) Tariff Rate Quota (TRQ). Such importers will be allowed to bring in unstudded gold freely, without the requirement of an import licence.<\/p>\n<p>Commenting on the amendments in the gold import policy, Vipul Shah, Chairman, Gem &amp; Jewellery Export Promotion Council (GJEPC), noted, \u201cWe acknowledge the Indian government&#8217;s decision to implement restrictions on certain categories of gold imports. While this move aims to regulate the inflow of gold, we understand that it may have implications for businesses involved in the gold trade. As an industry, we will closely monitor the impact of these changes and work with the relevant authorities to ensure that jewellery exports stay robust.\u201d<\/p>\n<p>The other affected HS codes are 71131919 and 71141910, covering other forms of gold and articles respectively. These categories will also now fall under the &#8220;Restricted&#8221; import policy.<\/p>\n<p>These amendments to the import policy and policy conditions for gold, as stipulated in Chapter 71 of Schedule &#8211; I (Import Policy) of ITC (HS) 2022, come into effect immediately.<\/p>\n<p>Colin Shah, MD, Kama Jewelry and Former Chairman of GJEPC, stated, \u201cThe government has curbed imports of gold with specific riders. Imports of gold affect the trade deficit negatively. The latest trade at $22 billion was the highest in 5 months. The reduced gold imports will help balance the same. Heavy gold imports also impact the Indian Rupee. Gold imports from UAE are allowed under CEPA to boost trade relations under the pact. Imports from UAE have been dismal despite the pact. Though the steps by the government is to balance the macroeconomics. Gold, as a raw material, should be available at reasonable prices for the gems &amp; jewellery industry to maintain the competitive edge for exports.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Directorate General of Foreign Trade (DGFT), Department of Commerce, Ministry of Commerce &amp; Industry, has announced amendments to the import policy and policy conditions for certain categories of gold in India. The notification dated 12th July 2023, published in the Gazette of India Extraordinary Part \u2013 II, Section-3, Sub-Section (ii), signifies a shift from&hellip;<\/p>\n","protected":false},"author":1,"featured_media":21924,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[83],"tags":[],"thb-sponsors":[],"class_list":["post-21923","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bulletin"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v14.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Indian Government Implements Restrictions on Gold Imports - Solitaire magazine is a International jewellery magazine - India\u2019s leading B2B gem and jewellery magazine<\/title>\n<meta name=\"robots\" content=\"index, follow\" \/>\n<meta name=\"googlebot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta name=\"bingbot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/gjepc.org\/solitaire\/indian-government-implements-restrictions-on-gold-imports\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Indian Government Implements Restrictions on Gold Imports - Solitaire magazine is a International jewellery magazine - India\u2019s leading B2B gem and jewellery magazine\" \/>\n<meta property=\"og:description\" content=\"The Directorate General of Foreign Trade (DGFT), Department of Commerce, Ministry of Commerce &amp; Industry, has announced amendments to the import policy and policy conditions for certain categories of gold in India. 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