Government Restricts Imports of Specific Studded Gold Jewellery

A salesman arranges a gold necklace inside a gold jewellery showroom in the southern Indian city of Kochi April 16, 2012. Indian gold futures are likely to extend losses this week, falling below a one-week low touched on Monday, hurt by a firm dollar overseas, although a revival in physical demand ahead of key festival could limit the downside, analysts said. REUTERS/Sivaram V (INDIA - Tags: BUSINESS COMMODITIES) - RTR30T4Q

NEW DELHI: The government on Tuesday imposed import curbs on certain types of studded gold jewellery, a move which could discourage inbound shipments of these items from Indonesia and Tanzania.

However, the directorate general of foreign trade (DGFT) said that imports under a valid India-UAE free tarde agreement TRQ (tariff rate quota) will be permitted without restricted import authorisation.

The import policy of gold jewellery studded with pearls, with certain kinds of diamonds, and other precious and semi-precious stones “has been amended from free to restricted” with immediate effect, the DGFT said in a notification.

An industry expert said that imports of these items were increased from Indonesia and Tanzania. India has a free trade agreement with Indonesia.

Goods under restricted category needs a licence/permission from the government.

Share This Article
Avatar of
A Newspaper company in Kashmir
Leave a comment