The move is aimed at curbing misuse of free trade agreements (FTAs) and address large-scale imports of silver in the guise of finished jewellery.
”Import policy has been amended from free to restricted with immediate effect till March 31, 2026,” the Directorate General of Foreign Trade (DGFT) said in a notification.
Goods under the restriction category need a licence from the government.
The restrictions have been introduced in the wake of an import of plain silver jewellery from under preferential duty exemptions rising steeply during April-June 2024-25 to April-June 2025-26.
The imports circumventing the provisions of FTA were adversely affecting domestic manufacturers and posing a challenge to employment in the jewellery sector, an official said.
The government believes that the decision will provide a level-playing field to India’s jewellery manufacturers, safeguard the interests of small and medium businesses, and secure livelihood opportunities for workers in the sector, the official said.
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