Commodities Buzz: DGFT comes up with restrictions and revised harmonised system codes for importing gold, silver, and platinum

The Directorate General of Foreign Trade (DGFT) notified the new policy for precious metals imports this week, in tune with the Finance Act 2025. The policy has stricter restrictions and a revised harmonised system (HS) codes for importing gold, silver, and platinum. The import of gold, particularly in unwrought and semi-manufactured forms, will now be allowed only through authorised channels.

Gold containing 99.5 per cent or more purity by weight (HS code 71081210 and 71081310) has been classified as Restricted.

Import will be permitted only through nominated agencies notified by the Reserve Bank of India (RBI) or DGFT, Qualified jewelers approved by the International Financial Services Centres Authority (IFSCA), importing via the India International Bullion Exchange (IIBX), India-UAE TRQ holders under CEPA who can import gold through IIBX and receive delivery via IFSCA-registered vaults in SEZs.

Gold dore which refer to a bar or a mixture of gold and silver which is usually produced during mining and refining process or scrap gold, can be imported by refineries under a valid licence with actual user condition.

For Silver imports access will be only through authorised agencies. Silver bars containing 99.9 per cent or more purity (HS code 71069120) are now under the restricted category. Imports can only be carried out through RBI-notified banks, DGFT-nominated agencies and IFSCA-qualified jewellers via IIBX. However, semi-manufactured silver bars under codes 71069221 and 71069229 will remain under free import, subject to RBI regulations.

DGFT noted that Codes for unwrought platinum have been revised. While highly pure platinum (99 per cent or more) under HS 711011111 and 71101121 is marked Free, other categories fall under the Restricted bracket.

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