"Unusual surge": Imports of gold jewelry and parts are restricted by the government
This follows the release of official data revealing a thirty-fold increase in imports of jewelry parts—which are now classified as restricted—from $52 million in 2022–2023 to $1,551 million in 2023–2024.
The Commerce and Industry Ministry on Tuesday restricted jewelry and parts imports with immediate effect, with the exception of imports from the United Arab Emirates under the free trade agreement (FTA), in response to concerns about the surge in gold imports that have recently come up in interdepartmental consultations. A notification from the Directorate General of Foreign Trade (DGFT) demonstrated this.
According to information obtained by , the investigating agencies tasked with stopping smuggling have expressed alarm about the increase in gold imports, particularly from Least Developed Countries (LDC) and nations with which India has free trade agreements. It has been discovered that importers' usage of these nations' lower tariffs is mostly responsible for the increase.
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