India Tightens Gold, Silver & Platinum Import Rules to Boost Transparency

India has introduced stricter rules for importing gold, silver, and platinum, effective May 19, 2025. These updates were notified by the Directorate General of Foreign Trade (DGFT) and are in line with the Finance Act 2025. The goal is to reduce misuse, improve traceability, and bring more transparency to the import process.

Stricter Conditions for Gold Imports

Gold with 99.5% purity or more, in unwrought or semi-manufactured form, is now in the "Restricted" import category. Earlier, it was freely importable.

• This change applies to HS codes 71081210 and 71081310.
• Only agencies nominated by the RBI or DGFT can now import it.
• Qualified jewellers recognised by the International Financial Services Centres Authority (IFSCA) can import, but only through the India International Bullion Exchange (IIBX).
• Those importing under India-UAE CEPA with TRQs must also go through IIBX and take delivery in IFSCA-approved SEZ vaults.
• Gold dore, a semi-pure form of gold, can still be imported by licensed refineries under user-based conditions.

Outdated HS codes like 71081200 and 71081300 have been deleted to tighten control.

Read more on: Gold and Silver Prices Trade Higher: Check Rates in Your City on May 21, 2025. 

Silver Imports Also Curbed

High-purity silver bars (99.9%), under HS code 71069120, are now also "Restricted".

• Only RBI-notified banks, DGFT-nominated agencies, and IFSCA-approved jewellers can import through IIBX.
• However, semi-manufactured silver under HS codes 71069221 and 71069229 is still "Free", though it must follow RBI regulations.

Platinum Import Rules Updated 

Unwrought platinum of 99% purity remains freely importable under HS codes 711011111 and 71101121.

• Other platinum forms now need special authorisation, as they've been moved to the Restricted list.
• Old codes like 71101110 and 71101910 have been removed to clean up the system.

What This Means for Jewellers & Investors

• Jewellers can no longer directly import high-purity gold or silver unless they are IFSCA-authorised and work through the IIBX.
• Only select banks and agencies can now manage these imports.
• This limits unregulated inflow, aims to curb black market use, and supports legal trading channels.

Conclusion 

India’s updated policy on precious metal imports makes the process more controlled and transparent. By narrowing the number of eligible importers and restricting certain product categories, the government aims to promote fair trade, better compliance, and financial security in the bullion market.

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