New restrictions limit gold and silver imports from Dubai to nominated agencies, jewellers, and TRQ holders under CEPA
India has imposed new restrictions on the import of gold and silver from the United Arab Emirates (UAE), targeting unwrought, semi-manufactured, and powdered forms of these precious metals. Going forward, such imports will only be permitted through nominated agencies, qualified jewellers, and holders of a valid Tariff Rate Quota (TRQ) under the India-UAE Comprehensive Economic Partnership Agreement (CEPA) , reported timesofindia.indiatimes.com.
The move is designed to close loopholes that were being exploited to import nearly pure gold disguised as platinum to benefit from lower duties.
Under CEPA, India allows up to 200 metric tonnes of gold imports annually from the UAE with a 1% tariff concession through the TRQ mechanism. However, some traders had been circumventing duty norms by declaring gold with 99% purity as platinum alloy to access preferential tariffs.
To curb this misuse, the government has introduced a distinct Harmonised System (HS) code for platinum with 99% or more purity
Only imports under this new classification will continue to receive duty concessions, while all other platinum-gold compositions will be restricted.
The changes were prompted by the Budget 2025 announcement, which called for separate HS codes for gold dore, silver dore, and high-purity platinum to align customs regulations with actual trade practices.
An official stated, “This measure follows the budget announcement to create separate HS codes to ensure that gold imports don’t happen in the name of platinum. It also aligns customs duties and import regulations.”