New Delhi:
In a recent development, the government has imposed a ban on the import of specific types of studded gold jewellery, a move aimed at promoting the domestic industry.
This ban is expected to curb the influx of studded gold jewellery products from countries like Indonesia and Tanzania,
which have witnessed a significant surge in imports.
Restricted Categories:
The Directorate General of Foreign Trade (DGFT) has categorized imports of gold jewellery studded with pearls, certain types of diamonds, precious,
or semi-precious stones as restricted with immediate effect.
However, imports under the valid India-UAE Free Trade Agreement Tariff Rate Quota (TRQ) will continue without requiring restricted import authorization,
meaning there’s no ban on studded gold jewellery imports from the UAE.
Impact on Stone Jewellery Designs:
With the ban on imports from Indonesia and Tanzania, there’s concern among consumers about the availability of diverse stone jewellery designs.
Imports of these products had notably increased from these countries, especially considering India’s free trade agreement with Indonesia.
Licensing Requirements:
Goods falling under the restricted category now necessitate a license or permission from the government for importation.
This measure aims to regulate and monitor the inflow of studded gold jewellery, thereby bolstering the domestic jewellery sector.
While the move underscores the government’s commitment to promoting local industries,
it raises questions about the variety and availability of stone jewellery designs in the market.
Industry experts are closely monitoring the situation to assess the impact on consumer choices and preferences in the jewellery sector.
