Page 41 - Bullion World Issue 01 Volume 06 January_2026

Bullion World | Volume 6 | Issue 01 | January 2026

2025: The Year India Recast Its

Precious-Metals Framework-HS Codes,

TRQs, Hallmarking and Credit Reform

Mr Srinivas Moorthy, Senior Consultant, Eventell Global Advisory Pvt Ltd.

In 2025, India’s precious-metals sector (gold, silver, platinum group metals) underwent a significant policy reset.
From tariff-classification realignments to collateral-credit rules, hallmarking to import-quotas, the regulatory
landscape has evolved. The key themes: harmonisation of HS codes/import policy, transparency & access via
TRQs, stronger collateral and consumer safeguards, and market-product governance.

HS-Code Harmonisation & Import-Policy Previously, such platinum jewellery-often containing up
Realignment to 90% gold-was permitted for free import without any
A major shift occurred when the Directorate General of licensing requirement.
Foreign Trade (DGFT) issued Notification 08/2025-26
(19 May 2025), aligning the import policy under the Why this matters:
ITC(HS) 2022 classification (Chapter 71) with changes • Importers and customs brokers now face a
introduced in the Finance Act 2025 and the customs tightened classification regime-mis-classification
tariff schedule. risk increases in a harmonisation year.
This meant: • Industrial users (electronics, automotive) of certain
• New or revised HS/ITC(HS) codes for precious- alloys must now check gold-content thresholds
metals (e.g., gold, silver, platinum) under Chapter and licensing conditions.
71. • The mapping of tariff, import policy and HS codes
• Updated import policy conditions (Free / is now cleaner-supporting better compliance and
Restricted) mapped to the tariff lines. fewer grey-areas.
• Clearer classification of unwrought, semi-
manufactured, alloy, jewellery and parts. In short: the HS/ITC(HS) realignment underpins the
import policy architecture for precious metals in 2025
In June, DGFT further amended import policy via and ahead.
Notification 18/2025-26 (17 June 2025), curbing
imports of certain precious-metal alloys containing Access, Import Quotas & IFSC-based Market
gold above 1% by weight (Palladium, Rhodium, Iridium/ Plumbing
Osmium/Ruthenium). Another important domain is how import access and
market infrastructure have been adapted. In October
For example: alloys of Pd/Rh/Ir containing >1 % 2025, DGFT announced that the gold TRQ (tariff-rate
gold now “Restricted” under HS codes 71102100 quota) under the India-UAE CEPA would henceforth be
/ 71104900. The customs wing (Central Board of allocated through competitive online bidding/tendering:
Indirect Taxes and Customs, CBIC) issued Instruction a shift away from legacy allocations.
17/2025-Customs (19 June) to align officer-guidance
for these changes. At the same time, the International Financial Services
Centres Authority (IFSCA) and the India International
India has imposed restrictions on the import of select Bullion Exchange (IIBX) have introduced circulars (Oct
categories of unstudded platinum jewellery, effective 10 2025) allowing Qualified Jewellers and valid TRQ-
17 November, 2025 according to a notification issued holders to import gold/silver via IIBX and settle through
by the Directorate General of Foreign Trade (DGFT). IFSC-registered vaults. This links TRQ entitlement,
These items will now require prior approval for all import logistics and custody in a regulated, exchange-
consignments, with the restrictions remaining in force based environment.
until 30 April 2026.

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