India Imposes New Restrictions on Duty-Free Gold Imports for Jewellery Exporters
India has introduced new regulations to limit duty-free gold imports for jewellery exporters, capping imports at 100 kilograms per license. This move is part of a broader strategy to curb gold imports, as the country seeks to manage its foreign exchange reserves amid rising oil prices. The government has also increased import tariffs on gold and silver from 6% to 15%. Under the new rules, jewellery exporters must meet at least 50% of their previous export obligations to qualify for future licenses. Additionally, first-time applicants will undergo mandatory inspections to verify their manufacturing capabilities. These measures are intended to reduce the volume of gold imports, which could potentially impact the country's gold jewellery export industry, valued at $11.36 billion in the last fiscal year. 
