India restricts platinum jewellery imports till April 2026 amid weak global demand

The government has tightened import controls on a specific category of platinum jewellery by shifting it from the “Free” to “Restricted” list, according to a notification issued by the Directorate General of Foreign Trade (DGFT).

The Commerce Ministry said imports covering unstudded articles of jewellery and parts thereof of platinum will now require specific authorisation. The restriction takes immediate effect and will remain in force until April 30, 2026.

The decision was notified under the Foreign Trade (Development & Regulation) Act, 1992 and follows a series of government interventions aimed at managing inflows of precious metals and jewellery.

The move comes at a time when India’s gems and jewellery sector is seeing subdued global demand.

According to data from the Gem & Jewellery Export Promotion Council (GJEPC), India’s gross gems and jewellery exports fell 30.57% year-on-year to $2.17 billion in October 2025, while imports declined 19.2% to $1.27 billion.

Slower orders from the US, Europe and China, a softer global economic environment, recent US tariffs on Indian jewellery and elevated bullion prices have all weighed on the sector.

In the first half of FY26, overall gross imports in the sector rose 6.74% to $10.59 billion, though imports of finished jewellery fell 26.16% to $1.13 billion.