INVC NEWS
New Delhi : The Government of India has made an important decision regarding the import of gold jewelry. The government has imposed a ban on the import of gold jewelry, along with several other items. This step is aimed at reducing the import of non-essential goods. Importing gold jewelry now requires a license as per the new regulations. It’s important to note that the India-UAE Free Trade Agreement does not impose any restrictions on this matter.
The Directorate General of Foreign Trade (DGFT) has issued a notification regarding these changes, stating that the import policies for various products have been amended. In the current financial year, there has been a significant decline in the import of pearls and precious stones, with a 25.36% decrease amounting to $4 billion. The import of gold has also seen a decline of 40%, leaving only $4.7 billion.
Overall, the total merchandise imports have decreased by 10.24% to $107 billion. However, the import of goods trade has increased to $37.26 billion in April-May, compared to $40.48 billion previously. Some gold jewelry imports during April-May of this financial year exceeded $110 million, primarily imported from countries such as UAE, Indonesia, and America.
