On March 5, 2025, the Ministry of Commerce and Industry announced a significant amendment regarding the import policy of platinum under ITC (HS) code 7110. This shift affects platinum imports, including unrefined platinum, platinum in semi-refined forms, and platinum powder. The government has now banned the import of most types of platinum, with a few exceptions for certain platinum alloys.
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Details of the Revised Import Policy
Previously, platinum was free to import in unmanufactured, semi-manufactured forms or in powder form. However, the new rules, which came into force immediately, have banned the import of platinum covered under specific HS (Harmonized System) codes. These changes are part of India’s effort to manage foreign trade more effectively.
What has Changed?
The revised import policy affects platinum products under the following HS codes:
| S.No. | HS Code | Description | Old Policy | New Policy | Condition |
| 1 | 71101110 | Platinum – Unwrought or in powder form | Free | Restricted | However, import of platinum alloy of 99 percent or more purity by weight of Platinum is free. |
| 2 | 71101120 | Platinum – In powder form | Free | Restricted | |
| 3 | 71101900 | Platinum – Other forms | Free | Restricted |
For these products, the import policy has been changed from “free” to “restricted,” meaning businesses will need to follow certain conditions and procedures to import platinum in these forms. The only exception to this restriction is platinum compounds that are 99% pure by weight or higher.
Platinum Alloy Exemption
Despite the new restrictions, platinum alloys with a purity of 99% or higher by weight will still be allowed to be freely imported. This means that businesses dealing in high-purity platinum alloys will not be affected by the changes in import policy.
What Does This Mean for Traders and Importers?
The revised policy will directly impact businesses that rely on importing platinum in unwrought or powder form. Importers will need to comply with the new restrictions, which could result in additional paperwork and regulatory scrutiny. However, importers of high-purity platinum alloys will not face any new hurdles.
The government's decision to introduce these restrictions is expected to have a significant impact on DGFT license and platinum trade in India. Traders and importers need to be aware and comply with the new rules to avoid any disruption to their operations.
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