India Restricts Gold, Precious Metal Jewellery Imports from ASEAN

• India has moved gold and other precious metal jewellery from ASEAN countries from the "free" import list to a restricted category.
• Jewellery studded with pearls, diamonds, and other precious metals now requires a license for import, with exceptions for SEZs and Export Oriented Units.
• This move follows similar restrictions in February 2026 on platinum imports to curb illicit blending with gold.
• The restrictions aim to address India's rising trade deficit with the 10-nation ASEAN bloc, which reached $84 billion in imports versus $39 billion in exports in FY 2024-25.
• India is seeking a country-wise review of the AITIGA (ASEAN-India Trade in Goods Agreement) to manage the trade imbalance.

Key Questions Answered

Will these import curbs reduce India's trade deficit?

India's import curbs on gold and precious metal jewelry from ASEAN countries aim to rebalance a widening regional trade deficit.

How will this impact jewellery prices in India?

Jewellery prices in India could see a significant increase, potentially rising by approximately 20,000 rupees per 10 grams if gold reaches 1,75,000 rupees per 10 grams.

What other products might face import restrictions?

Gold, platinum, and silver jewelry may face import restrictions. The government has revised the import policy for these items from 'Free' to 'Restricted'.