India has imposed restrictions on gold jewelry imports, affecting shipments from Indonesia and Tanzania. The move aims to protect domestic jewelers and control the trade.
New Delhi, June 11 (PTI) The government on Tuesday imposed import curbs on certain types of studded gold jewellery, a move which could discourage inbound shipments of these items from Indonesia and Tanzania.
However, the directorate general of foreign trade (DGFT) said that imports under a valid India-UAE free tarde agreement TRQ (tariff rate quota) will be permitted without restricted import authorisation.
The import policy of gold jewellery studded with pearls, with certain kinds of diamonds, and other precious and semi-precious stones "has been amended from free to restricted" with immediate effect, the DGFT said in a notification.
An industry expert said that imports of these items were increased from Indonesia and Tanzania. India has a free trade agreement with Indonesia.
Goods under restricted category needs a licence/permission from the government.
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