Recent amendments to India's import regulations for precious metals, particularly gold from the United Arab Emirates (UAE), have introduced greater oversight to ensure compliance and prevent tariff circumvention. Effective May 19, 2025, the Directorate General of Foreign Trade (DGFT) issued Notification No. 08/2025-26, aligning import policies under Chapter 71 of the ITC (HS) Schedule with provisions of the Finance Act, 2025. These changes, synchronized with new Harmonized System Nomenclature (HSN) codes, address misclassification issues under the India-UAE Comprehensive Economic Partnership Agreement (CEPA).

This overview explains the key modifications for stakeholders in Dubai, the UAE, and other gold-exporting nations such as Switzerland and South Africa. It focuses on HSN code updates, policy shifts, and their practical effects on trade, presented in accessible terms for businesses, jewelers, and investors.

Key HSN Code Changes and Import Policy Amendments

The notification introduces new sub-headings and restructures existing HSN codes to enhance precision in classifying high-purity precious metals, including gold dore, silver dore, and platinum. This curbs practices where near-pure gold was labeled as platinum alloys to exploit lower duties. Below is a concise summary of the primary changes for gold, with parallel updates for silver and platinum noted for context.

Gold (HSN Heading 7108)

1. 71081200 (Containing 99.5% or more gold by weight, other unwrought forms, non-monetary): Policy shifted to Restricted. Imports permitted through: (i) Nominated agencies (Reserve Bank of India [RBI] for banks; DGFT for others); (ii) Qualified jewelers notified by the International Financial Services Centres Authority (IFSCA) via the India International Bullion Exchange (IIBX); (iii) Valid India-UAE TRQ holders via IIBX, with physical delivery from SEZ vaults per IFSCA guidelines; (iv) Gold dore by refineries under Actual User (AU) condition with an import license.
2. 71081310 (Containing 99.5% or more gold by weight, other semi-manufactured forms, non-monetary): Restricted to nominated agencies (RBI/DGFT).
3. 710812 and 710813 (Previous codes for unwrought and semi-manufactured non-monetary forms): Deleted, replaced by the above for finer classification.

Silver (HSN Heading 7106)

1. 71069120 (Containing 99.9% or more silver by weight, unwrought): Restricted, with imports via nominated agencies (RBI/DGFT) or qualified jewelers (IFSCA/IIBX); also allowed for valid India-UAE TRQ holders via IIBX with SEZ vault delivery.
2. 71069221 (Bar containing 99.9% or more silver by weight): Free, subject to RBI regulations.
3. 71069220 (Previous bar code): Deleted.

Platinum (HSN Heading 7110)

1. 71101111 (Containing 99.0% or more platinum by weight, unwrought): Free.
2. 71101121 (Containing 99.0% or more platinum by weight, in powder form): Free.
3. 71101910 (Containing 99.0% or more platinum by weight, other forms): Free.
4. 71101110, 71101120, and 71101900 (Previous codes): Deleted or restructured; lower-purity forms remain Restricted.

These HSN refinements, effective immediately upon notification, ensure imports under CEPA's annual 200 metric tonnes gold quota (at a 1% tariff concession) are channeled transparently, minimizing revenue losses estimated in billions from prior loopholes.

Implications for Gold Imports from Dubai/UAE

The revisions maintain the benefits of CEPA while imposing structured import pathways, impacting trade dynamics as follows:

1. For Exporters and Suppliers in Dubai/UAE: Gold shipments must now adhere to designated routes, such as IIBX, reducing flexibility but fostering legitimacy. UAE entities can continue exporting up to 180-200 tonnes annually at preferential rates (5% duty versus 6% from non-CEPA sources), provided classifications align with new HSN codes. This may stabilize market prices by curbing illicit flows but could elevate compliance costs.
2. For Indian Importers and Jewelers: Access is limited to authorized entities, including nominated banks, DGFT-approved agencies, and IFSCA-qualified jewelers. Non-qualified parties face restrictions, potentially increasing reliance on intermediaries. The focus on high-purity forms (e.g., 99.5%+ gold) ensures accurate duty application, benefiting compliant players.
3. Broader Economic and Trade Effects: As of September 2025, no amendments to the notification have been reported. The policy supports India's fiscal goals by plugging duty evasion, while preserving robust UAE-India ties—the UAE remains a top gold supplier. For exporters in other regions, similar scrutiny applies, emphasizing the need for precise HSN compliance.
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Practical Guidance for Compliance

1. Eligibility Check: Verify status as a nominated agency, qualified jeweler, or TRQ holder before initiating imports.
2. Documentation and Channels: Use IIBX for CEPA-related transactions and consult IFSCA guidelines for SEZ deliveries.
3. Resources: Refer to official DGFT and RBI portals for updates. Professional advisors can assist with license applications.

These measures underscore India's commitment to transparent trade practices. For Dubai-based traders and global stakeholders, adapting to these HSN-driven changes will ensure seamless access to one of the world's largest gold markets.