Gold, Platinum Imports Restricted: Government's New Notification to Impact Prices

• Government places gold, platinum, and related products under 'Restricted' import category.
• Special approval (license) is now mandatory for importing these items, making the process stricter.
• New rules apply immediately; no exemptions for old contracts, LCs, or advance payments.
• Decision aims to reduce gold imports, decrease trade deficit, support domestic industry, and curb irregular imports.
• Jewelry sector, industry, and common people may face higher costs and increased gold prices due to supply impact.

Key Question Answered

How will this policy affect the Indian jewelry market?

The Indian jewelry market will see changes due to new import policies, potentially benefiting local manufacturers.