India's new import policy for gold, silver, platinum: What it means for you

New rules tighten ways how precious metals can enter the market. Here's what investors need to know about the changes.

India has announced changes to its import policy for precious metals, tightening restrictions and standardising names and codes for international trade.

 

The Directorate General of Foreign Trade (DGFT) notified the new policy on May 19, aligning rules with the Finance Act 2025. The policy has stricter restrictions and a revised harmonised system (HS) codes for importing gold, silver, and platinum, impacting both individual investors and the bullion trade.

 

New Indian Rules for Gold Import

 

The import of gold, particularly in unwrought and semi-manufactured forms, will now be allowed only through authorised channels.

 

According to DGFT’s notification:

 

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

 

Certain codes such as 71081200 and 71081300 for “non-monetary” gold have been deleted, with new, more specific entries created for clarity and control.

   

New Indian rules 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 
• IFSCA-qualified jewellers via IIBX

 

However, semi-manufactured silver bars under codes 71069221 and 71069229 will remain under free import, subject to RBI regulations.

   

Platinum import rules

 

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.

 

Several earlier codes like 71101110 and 71101910 have been deleted to streamline the structure.

   

What This Means for Investors and Jewellers

   

The notification makes it clear that the government is pushing for more traceable and secure bullion imports. This will:

   

• Limit unauthorised inflows of precious metals 
• Encourage use of the India International Bullion Exchange 
• Create a formal channel for qualified jewellers and TRQ holders 
• The changes are in effect immediately, as per the directive issued with the approval of the Minister of Commerce and Industry