In a pivotal action targeting the luxury jewellery market, the Indian government has introduced restrictions on the importation of select platinum jewellery, effective immediately and lasting until April 30, 2026. Importers must now obtain a licence from the Directorate General of Foreign Trade (DGFT) to legally import these items.
This decision aligns with a prior measure from September that restricted specific silver jewellery imports until March 31, 2026, aimed at controlling imports of unstudded silver jewellery from Thailand. Given India's free trade agreement with the ASEAN bloc—of which Thailand is a part—there are concerns regarding the high volumes of imports through this trade avenue.
The recent DGFT announcement alters the import status of platinum jewellery from "Free" to "Restricted," clearly indicating an intention to manage foreign influxes and support local manufacturers. Analysts argue that while this might create a temporary supply crunch, it could ultimately bolster local production and fortify the domestic jewellery industry.
Industry insiders note the rising demand for platinum jewellery in India due to its durability and appeal, yet the surge in imports has begun to threaten local businesses. By enforcing import licence requirements, the government aims to balance market demands with the need to protect its domestic sector, promoting sustainable growth in the luxury jewellery market.
These restrictions will likely impact both large importers and small businesses, necessitating alterations in sourcing practices to meet the new DGFT regulations.
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