On Wednesday, the government placed limits on the importation of specific gold jewellery and objects. The Directorate General of Foreign Trade (DGFT) changed the import status of unstudded gold jewellery and other gold-containing items from "free" to "restricted" in a notification.
Due to restrictions, a licence from the government will be needed to import some items, unlike imports covered under the tariff rate quota of the Comprehensive Economic Partnership Agreement (CEPA) between India and the United Arab Emirates.
"However, import under a valid India-UAE CEPA TRQ shall be permitted freely without any import licence," the DGFT stated.
The limits, according to insiders in the industry, were put in place as a result of an increase in imports from Indonesia under the India-ASEAN free trade agreement, where some gold items were coming duty-free and being melted in India to produce jewellery.
Based on Export Import Data, India imported these goods for $112.09 million in April and May of FY24, of which $76.28 million came from Indonesia.
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