The new policy restricts who can import these metals and under what conditions, while also updating and standardising HS codes to prevent misuse.
Stricter gold import conditions
Gold in unwrought and semi-manufactured forms, containing 99.5% or more purity by weight, has now been moved to the “Restricted” import category.
This applies to imports classified under HS codes 71081210 and 71081310.
Earlier, these categories were freely importable, but under the revised rules, they require government approval and must pass through specific authorised channels.
Only agencies nominated by the Reserve Bank of India (RBI) or the DGFT can import this gold. Qualified jewellers recognised by the International Financial Services Centres Authority (IFSCA) can also import it, but only via the India International Bullion Exchange (IIBX).
Additionally, entities holding tariff rate quotas (TRQs) under the India-UAE Comprehensive Economic Partnership Agreement (CEPA) are allowed to import through IIBX and must take delivery via IFSCA-registered vaults in Special Economic Zones (SEZs).
Gold dore, a semi-pure form of gold mixed with silver typically produced during mining or refining, can still be imported by licensed refineries with actual user conditions.
Meanwhile, older and broader codes such as 71081200 and 71081300 have been deleted to tighten control and improve traceability.
Silver bars now restricted too
Silver imports also face tighter controls under the new policy. Silver bars containing 99.9% or more purity, previously freely importable, have now been classified as “Restricted” under HS code 71069120.
These can only be imported by banks notified by the RBI, DGFT-nominated agencies, or IFSCA-qualified jewellers operating through the IIBX.
However, the government has kept semi-manufactured silver products under codes 71069221 and 71069229 under the “Free” category. These imports, though, remain subject to RBI regulations.
Revised rules for platinum
Platinum imports have also been revised. Highly pure unwrought platinum—99% purity or more—under HS codes 711011111 and 71101121 remains freely importable. However, other forms of platinum will now require authorisation, having been moved to the restricted list.
In the process, older and redundant codes such as 71101110 and 71101910 have been scrapped to streamline classification and prevent misuse.
What it means for jewellers and investors
The changes narrow the routes for bullion imports. Jewellers can no longer import high-purity bars directly unless they are authorised by IFSCA and operate via IIBX.
. Banks and agencies must be specifically nominated to participate in the import process.
