Platinum Import Restrictions Imposed by Govt

New Delhi, Feb 5 (PTI) The government on Thursday imposed restrictions on imports of certain articles of platinum to curb illicit imports of platinum blended with significant amount of gold.

There were no restrictions on this earlier.

"The import policy of items covered under ITC HS codes 71141920 is revised from free to restricted...," the Directorate General of Foreign Trade said in a notification.

This HS (harmonized system) code includes articles made from platinum.


According to an industry expert, gold was coming in the form of platinum alloy earlier, a loophole which was fixed, but now platinum articles are coming which were blended with gold.

India's imports of articles of precious metal or of metal clad with precious metal almost doubled to USD 9.75 million in FY25 from 2023-24.

However, as per the notification, the government has allowed the re-imports of these goods of Indian origin that have been sent for exhibitions or export promotion tours, rejected or returned, or intended for repair.

Last year, the government imposed import restrictions on platinum alloy with less than 99 per cent purity to curb illicit imports of this precious metal blended with significant amounts of gold to exploit the tariff differential between gold and platinum.